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Daily Forex Analysis – May 31, 2010

GBPUSD Analysis.
GBPUSD might be forming a cycle top at 1.4609 level on 4-hour chart and the fall from 1.4609 could possibly be resumption of downtrend from 1.5522 (Apr 15 high). Another fall to test 1.4230 would more likely be seen later today, a breakdown below this level could signal resumption of downtrend. Resistance is at 1.4609, only rise above this level will indicate that lengthier consolidation is underway.

20100531_gbpusd_1

EURUSD Analysis.
EURUSD stays in a trading range between 1.2144 and 1.2671. Another fall to test 1.2144 support would more likely be seen later today, a breakdown below this level will indicate that the downtrend from 1.3691 (Apr 12 high) has resumed, then deeper decline could be seen to 1.1800 area. Resistance is now at 1.2452, above this level will suggest that lengthier sideways consolidation is underway.

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USDCHF Analysis.
USDCHF remains in uptrend from 1.0501 (Apr 14 low). The price action from 1.1695 is treated as consolidation of uptrend. Range trading between 1.1400 and 1.1695 is expected in a couple of days. Another rise to 1.1800 is still possible after consolidation and a break above 1.1695 could signal resumption of uptrend.

20100531_usdchf_1

USDCAD Analysis.
USDCAD drops sharply to as low as 1.0444. Another fall to 1.0400 is still possible later today. Resistance is at 1.0560, as long as this level holds, downtrend could be expected to continue. However, a break above 1.0560 level will indicate that a cycle bottom has been formed at 1.0444 on 4-hour chart, then consolidation in a range between 1.0444 and 1.0650 could be seen.

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AUDUSD Analysis.
AUDUSD’s bounce from 0.8066 extended to as high as 0.8550 level. Further rally is still possible later today and next target would be at 0.8650-0.8700 area. Support is now at 0.8415, as long as this level holds, uptrend will continue. However, below 0.8415 will indicate that a cycle top has been formed at 0.8550 on 4-hour chart, then deeper decline could be seen to 0.8200 area.

20100531_audusd_1

USDJPY Analysis.
USDJPY’s bounce from 88.98 extends further to as high as 91.43. Further rally is still possible later today and next target would be at 92.00 area. Support is at 90.60, as long as this level holds, uptrend from 88.98 could be expected to continue.

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