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Daily Forex Analysis – August 20, 2010

USDCAD Analysis.
As expected, USDCAD broke above 1.0340 key resistance, suggesting that a cycle bottom had been formed at 1.0247 level on 4-hour chart. Now the rise from 1.0247 is treated as resumption of uptrend from 1.0107, further rise could be seen in next several days and target would be at 1.0600 zone. Support is at 1.0340 and key support is at 1.0247, only break below these levels could trigger another fall to 1.0000 area.

20100820_usdcad_1

AUDUSD Analysis.
AUDUSD is facing 0.8858 support, a breakdown below this level will indicate that the downward movement from 0.9221 has resumed, then deeper decline could be seen to 0.8700-0.8800 area. Resistance is now at 0.8955 followed by 0.9015, only break above these levels could trigger another rise towards 0.9221 previous high.

20100820_audusd_1

GBPUSD Analysis.
GBPUSD trades in a narrow range between 1.5498 and 1.5712. Another fall would more likely be seen later today and next target would be at 1.5300-1.5400 area. Resistance is at 1.5712, only break above this level could indicate that the fall from 1.5997 has completed at 1.5498 already.

20100820_gbpusd_1

USDCHF Analysis.
USDCHF broke below 1.0331 previous low and reached the lower border of the price channel on 4-hour chart. Rebound towards the upper border would more likely be seen in next several days.

20100820_usdchf_1

EURUSD Analysis.
EURUSD stays in a trading range between 1.2734 and 1.2932. Key resistance is at 1.2932, a break above this level will confirm that a cycle bottom has been formed at 1.2734 level on 4-hour chart, then further rally could be seen to 1.3000 area. On the downside, below 1.2734 will indicate that the downward move from 1.3333 has resumed, then next target would be at 1.2600 area.

20100820_eurusd_1

USDJPY Analysis.
USDJPY moves sideways in a range between 84.72 and 86.37. Support is at 84.72, a breakdown below this level could trigger another fall to 82.00 area. Resistance is at 85.90 followed by 86.37, above 86.37 level will indicate that the fall from 89.15 (Jul 12 high) has completed at 84.72 already, then the following upward move could bring price back to 87.50 area.

20100820_usdjpy_1

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