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Daily Forex Analysis – August 24, 2010

USDCHF Analysis.
USDCHF broke above the downtrend line from 1.0624 to 1.0464, suggesting that a cycle bottom is being formed at 1.0257 on 4-hour chart. Key resistance is at 1.0464, a break above this level will confirm the cycle bottom and indicate that the fall from 1.0624 had completed, then the following upward movement could bring price to 1.0550-1.0600 area. Support is at 1.0257, only break below this level could trigger another fall to 1.0200 zone.

20100824_usdchf_1

USDCAD Analysis.
USDCAD remains in uptrend from 1.0247 and the rise extends to as high as 1.0556. Further rise is still possible later today and next target would be at 1.0600 area. Key support is now at 1.0444, only break below this level could indicate that a cycle top has been formed on 4-hour chart, and the upward move from 1.0247 has completed.

20100824_usdcad_1

AUDUSD Analysis.
AUDUSD remains in downtrend and the bounce from 0.8841 is more likely correction of downtrend. Another fall to 0.8700-0.8800 area is expected in a couple of days. Resistance is at 0.8980, only break above this level will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.9050 zone.

20100824_audusd_1

GBPUSD Analysis.
No changed in our view, GBPUSD remains in downtrend. 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.

20100824_gbpusd_1

EURUSD Analysis.
EURUSD’s downward movement extends to as low as 1.2624. Deeper decline is still possible in a couple of days and next target would be at 1.2500 area. Resistance is at 1.2725, as long as this level holds, downtrend will continue.

20100824_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.

20100824_usdjpy_1

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