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Daily Forex Analysis – January 22, 2010

USDCHF Analysis.
Being contained by 1.0507 previous high resistance, USDCHF pulled back from 1.0495, suggesting that a short term cycle top is being formed on 4-hour chart. Sideways movement above the rising trend line is expected in a couple of days. The fall from 1.0495 is more likely consolidation of uptrend from 1.0132, as long as the trend line support holds, we’d expect uptrend to resume and one more rise towards 1.0600 is possible after consolidation.

20100122_usdchf_1

GBPUSD Analysis.
GBPUSD’s fall from 1.6456 extended further to as low as 1.6125 level. Deeper decline is still possible later today and next target would be at 1.6000 area. Resistance is at 1.6240 followed by 1.6330, as long as these levels hold, downtrend could be expected to continue.

20100122_gbpusd_1

USDCAD Analysis.
USDCAD bounces sharply to as high as 1.0525 level. Further rally is still in favor later today and next target would be at 1.0600 area. Support is located at 1.0435, as long as this level holds, uptrend will continue.

20100122_usdcad_1

AUDUSD Analysis.
AUDUSD’s downtrend from 0.9327 extends further to as low as 0.8982 level. Deeper decline is still possible later today and next target would be at 0.8900 area. Resistance is at 0.9145, as long as this level holds, downtrend will continue.

20100122_audusd_1

EURUSD Analysis.
EURUSD drops sharply to as low as 1.4029 level. Minor consolidation is expected later today. As long as the falling trend line resistance holds, we’d expect downtrend to resume and one more fall towards 1.3800 is possible.

20100122_eurusd_1

USDJPY Analysis.
USDJPY’s rise from 90.31 extends to 91.87 level only. The pair is back to downtrend from 93.75. Further decline now in favor and next target would be at 89.00 area. Key resistance remains at 92.04, only rise above this level could indicate that the fall from 93.75 has completed.

20100122_usdjpy_1

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