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Daily Forex Analysis – December 21, 2009

EURUSD Analysis.
EURUSD stays below a falling trend line on 4-hour chart and remains in downtrend from 1.5140. As long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 1.4150-1.4200 area. Key resistance is now located at 1.4450, only rise above this level could indicate that a short term cycle bottom has been formed at 1.4261, then correction of downtrend could be seen to follow.

20091221_eurusd_1

USDCHF Analysis.
USDCHF dropped to the lower border of the rising price channel on 4-hour chart, a clear break below the channel support will suggest that a short term cycle top is being formed at 1.0507, then deeper decline could be seen towards 1.0345 key support, below this level will confirm the cycle top and indicate that the rise from 0.9959 has completed. However, as long as the channel support holds, uptrend is expected to continue and another rally towards 1.0550 area is still possible.

20091221_usdchf_1

GBPUSD Analysis.
GBPUSD’s downtrend from 1.6409 extended further to as low as 1.6050 last week. Deeper decline is still possible later today and next target would be at 1.5900-1.6000 area. Resistance is at 1.6250, only rise above this level could indicate that a short term cycle bottom has been formed and the fall from 1.6409 has completed.

20091221_gbpusd_1

AUDUSD Analysis.
AUDUSD remains in bearish movement from 0.9193 and the fall extended to as low as 0.8810 last week. Resistance is now located at 0.8945, as long as this level holds, downtrend could be seen to continue and next target would be at 0.8700-0.8750 area.

20091221_audusd_1

USDJPY Analysis.
USDJPY broke above 90.76 previous high resistance and reached as high as 90.90 last week. Further rally is still in favor and next target would be at 91.50 area. Support is at the lower border of the rising price channel on 4-hour chart, only a clear break below the channel support could indicate that the uptrend from 87.37 has completed, then another downward trend could take price to 88.00 area.

20091221_usdjpy_1

USDCAD Analysis.
Being contained by 1.0748 key resistance, USDCAD pulled back from 1.0745 level last week. As long as 1.0748 resistance holds, another fall below 1.0405 is still possible. However, above 1.0748 could trigger a sharp move towards 1.1000 area.

20091221_usdcad_1

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