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Daily Forex Analysis – July 24, 2009

USDCAD Analysis.
USDCAD remains in downtrend from 1.1723 and the fall extends further to as low as 1.0840 level. Deeper decline is still in favor and next target is to test 1.0784 previous low support. Near term resistance is at 1.0950, and key resistance is now located at 1.1113, as long as this level holds, we would expect downtrend to continue. However, a break above 1.1113 level will suggest that a short term cycle bottom has been formed and the downtrend from1.1723 has completed.

20090724_usdcad_1

EURUSD Analysis.
EURUSD drops sharply from 1.4291 and breaks below 1.4156 key support, suggesting that a short term cycle top has been formed at 1.4291 level on 4-hour chart. Deeper decline is now in favor and next target would be at 1.3900 zone. Near term resistance is now at 1.4291, only rise above this level will signal further rally to test 1.4338 resistance.

20090724_eurusd_1

USDJPY Analysis.
After touching 93.25, USDJPY rebounds sharply from 93.09 and breaks above 94.78 key resistance, suggesting that a short term cycle bottom has been formed at 93.09 level on 4-hour chart. Further rally is now in favor and target would be at 96.00-97.00 area. Near term support is at 94.60, as long as this level holds, we would expect uptrend to continue.

20090724_usdjpy_1

GBPUSD Analysis.
GBPUSD remains in short term uptrend from 1.5984, further rally is still possible to 1.6650 zone later today. Near term support is at 1.6425, and key support is located at 1.6310, only break below this level will indicate that the uptrend from 1.5984 has completed.

20090724_gbpusd_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.7703 and the rise extends to as high as 0.8221 level. Further rally is still in favor and target is to test 0.8263 resistance. Key support is at 0.8089, as long as this level holds, we would expect the uptrend to continue. However, below 0.8089 level will indicate that the uptrend from 0.7703 has completed, then the following pullback will take price to 0.8000 zone.

20090724_audusd_1

USDCHF Analysis.
USDCHF break above 1.0716 key resistance, suggest that a short term cycle bottom has been formed at 1.0622 level on 4-hour chart. Further rally is now in favor and next target would be at 1.0850-1.0900 area. Near term support is at 1.0622, only fall below this level will signal deeper decline to re-test 1.0590 previous low support.

20090724_usdchf_1

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