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Daily Forex Analysis – February 23, 2010

EURUSD Analysis.
EURUSD had formed a short term cycle bottom at 1.3443 level on 4-hour chart. Another bounce to test 1.3838 key resistance is expected later today. As long as this level holds, the price action from 1.3585 is treated as consolidation of downtrend from 1.4579, and one more fall towards 1.3400 area is still possible. However, a break above 1.3838 resistance will indicate that the downward movement from 1.4579 has completed at 1.3443 already, then further rally could be seen to 1.4000 or even 1.4500.

20100223_eurusd_1

USDCHF Analysis.
USDCHF traded in a narrow range yesterday. Another fall to re-test 1.0608 key support is expected later today. As long as this level holds, the price action in the trading range between 1.0608 and 1.0898 is treated as consolidation of uptrend from 1.0132, and one more rise towards 1.1000 is still possible. However, below 1.0608 will indicate that the uptrend from 1.0132 has completed at 1.0898 already, then the following pullback could take price back to 1.0500 zone.

20100223_usdchf_1

USDCAD Analysis.
USDCAD remains in downtrend from 1.0779 and the bounce from 1.0369 is more likely consolidation of downtrend. As long as 1.0529 key resistance holds, one more fall towards 1.0300 is expected. However, above 1.0529 could indicate that the fall from 1.0779 has completed at 1.0369 already.

20100223_usdcad_1

GBPUSD Analysis.
No changed in our view, GBPUSD remains in downtrend from 1.6456 and the bounce from 1.5350 is treated as minor consolidation of downtrend. Another fall is still possible after consolidation and next target would be at 1.5250 area. Resistance levels are at 1.5525 and 1.5600.

20100223_gbpusd_1

USDJPY Analysis.
USDJPY has formed a short term cycle top at 92.14 level on 4-hour chart. Sideways movement above the rising trend line is expected in a couple of days. Now the fall from 92.14 is treated as consolidation of uptrend, as long as the trend line support holds, anther rise towards 95.00 is still possible. However, a clear break below the trend line support will indicate that the rise from 88.57 has completed.

20100223_usdjpy_1

AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.8878 level on 4-hour chart. Another rise towards 0.9150 is expected later today. Key support is located at 0.8878, only fall below this level could indicate that the uptrend from 0.8577 has completed.

20100223_audusd_1

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