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Daily Forex Analysis – August 25, 2010

USDCHF Analysis.
USDCHF failed to break above 1.0464 resistance and pulled back from 1.0450. Another fall to 1.0200 would more likely be seen, however, a break below 1.0257 previous low is needed to confirm the resumption of downtrend. Key resistance remains at 1.0464, only break above this level could bring price back to 1.0550-1.0600 area.

20100825_usdchf_1

USDCAD Analysis.
USDCAD’s upward movement from 1.0247 extended to as high as 1.0661 level. Minor consolidation would more likely be seen in a couple of day. Key support is at 1.0444, as long as this level holds, one more rise to 1.0750 is still possible.

20100825_usdcad_1

AUDUSD Analysis.
AUDUSD’s fall from 0.9079 extended to as low as 0.8800 level. Deeper decline is still possible later today and next target would be at 0.8700 area. Resistance is at the downtrend line from 0.9079 to 0.8981, only a clear break above the trend line resistance could indicate that the downward move from 0.9079 is complete.

20100825_audusd_1

GBPUSD Analysis.
GBPUSD continues its downward movement from 1.5997 and the fall extended to as low as 1.5372. Deeper decline is still possible in a couple of days and next target would be at 1.5300 area. Resistance is at 1.5500, as long as this level holds, downtrend will continue.

20100825_gbpusd_1

EURUSD Analysis.
EURUSD remains in downtrend from 1.2921 and the fall extended to as low as 1.2587. Another fall is still possible later today and next target would be at 1.2500 area. Resistance is at 1.2729, only break above this level could indicate that the fall from 1.2921 is complete.

20100825_eurusd_1

USDJPY Analysis.
USDJPY broke below 84.72 previous low and dropped sharply to as low as 83.62 level. Minor consolidation would more likely be seen in a couple of days and range trading between 83.62 and 85.00 is expected. Support is at 83.62, only break below this level could trigger another fall to 83.00 zone.

20100825_usdjpy_1

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