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Daily Forex Analysis – August 23, 2010

USDCHF Analysis.
USDCHF stays below a downtrend line from 1.0624 to 1.0464 and remains in downtrend. As long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.0200 area. On the other side, a clear break above the trend line resistance (now at 1.0415) will indicate that a cycle bottom has been formed at 1.0257 already and the fall from 1.0624 has completed, then further rally could be seen to 1.0500-1.0600 area.

20100823_usdchf_1

USDCAD Analysis.
USDCAD continues its upward movement from 1.0247 and the rise extended to as high as 1.0513 last week. Support is at 1.0450 followed by 1.0410, as long as these levels holds, uptrend is expected to continue and further rise to 1.0600 is still possible in a couple of days.

20100823_usdcad_1

AUDUSD Analysis.
AUDUSD broke below 0.8858 key support, suggesting that a cycle top had been formed at 0.9079 level on 4-hour chart. Deeper decline is now in favor and next target would be at 0.8700-0.8800 area. Resistance is at 0.8940, only break above this level will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.9050 zone.

20100823_audusd_1

GBPUSD Analysis.
GBPUSD’s downward move extended to as low as 1.5464. As long as 1.5712 key resistance holds, downtrend from 1.5997 is expected to continue and next target would be at 1.5300-1.5400 area. On the upside, a break above 1.5712 could indicate that the fall from 1.5997 has completed at 1.5464 already, then the following upward move could bring price back towards 1.5997 previous high.

20100823_gbpusd_1

EURUSD Analysis.
EURUSD broke below 1.2734 support last week, suggesting that a cycle top had been formed at 1.2921 already and the downtrend from 1.3333 had resumed. Deeper decline is expected in a couple of days and next target would be at 1.2600 area.

20100823_eurusd_1

USDJPY Analysis.
USDJPY continues to move 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.

20100823_usdjpy_1

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