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Daily Forex Analysis – June 23, 2010

GBPUSD Analysis.
GBPUSD broke below the lower boundary of the rising price channel on 4-hour chart, suggesting that a cycle top is being formed at 1.4935. Key support is now at 1.4684, a break below this level will confirm the cycle top and indicate that the rise from 1.4346 is complete, then the following downward movement could price price to 1.4450 area. Only rise above 1.4935 could trigger another rise to 1.5000 area.

20100623_gbpusd_1

EURUSD Analysis.
EURUSD is testing 1.2241 key support, a breakdown below this level will indicate that a cycle top has been formed at 1.2466 on 4-hour chart, and the rise from 1.1876 has completed, then deeper decline could be seen to 1.2050-1.2100 area.

20100623_eurusd_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8080 and the fall from 0.8858 is treated as consolidation of uptrend. Another rise to 0.8900 area is still possible after consolidation. Support is now at 0.8625, only fall below this level could indicate that the rise from 0.8080 is complete.

20100623_audusd_1

USDJPY Analysis.
USDJPY broke above the falling price channel on 4-hour chart, however, the bounce from 90.29 extends to 91.47 only, and the subsequent fall suggests that a cycle top is being formed. Key support is at 90.29, a break below this level will confirm the cycle top, then another fall to 89.50 could be seen.

20100623_usdjpy_1

USDCHF Analysis.
USDCHF may be forming a cycle bottom at 1.1008 level on 4-hour chart. Range trading between 1.1008 and 1.1250 would more likely be seen in a couple of days. As long as 1.1250 resistance holds, one more fall to 1.0900 is still possible, however, a break above 1.1250 level will indicate that the fall from 1.1730 is complete.

20100623_usdchf_1

USDCAD Analysis.
USDCAD breaks above the price channel on 4-hour chart, suggesting that the fall from 1.0678 is complete. Key resistance is at 1.0337, a break above this level could trigger further rally to 1.0400-1.0450 area.

20100623_usdcad_1

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