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Daily Forex Analysis – December 27, 2010

USDCHF Analysis.
Being supported by 0.9463 (Oct 14 low), USDCHF rebounded from 0.9497 and broke above the downtrend line on 4-hour chart, suggesting that a cycle bottom is being formed. Further rally towards 0.9733 key resistance is expected, a break above this level will confirm that the downtrend from 1.0066 has completed, then the following upward move could bring price back towards 1.0066 previous high. However, as long as 0.9733 resistance holds, one more fall towards 0.9463 support is still possible.

20101227_usdchf_1

USDJPY Analysis.
USDJPY’s downward move from 84.49 extended to as low as 82.85 level. Deeper decline towards 82.34 previous low would likely be seen later today. Resistance is at 83.40, only break above this level could indicate that the fall is complete.

20101227_usdjpy_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9830, further rise to 1.0110 area to reach next cycle top on 4-hour chart is possible later today. Support is now at 0.9980, below this level could indicate that the rise from 0.9830 is complete, then pullback to 0.9600-0.9700 area could be seen.

20101227_audusd_1

EURUSD Analysis.
EURUSD might be forming a cycle bottom at 1.3055 level on 4-hour chart. Consolidation of downtrend from 1.3497 is expected and bounce to 1.3250 area to reach next cycle top would likely be seen. Support is at 1.3055, below this level could trigger another fall to test 1.2969 support.

20101227_eurusd_1

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5910. Another fall towards 1.5296 (Sep 7 low) long term key support could be seen, a break below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete.

20101227_gbpusd_1

USDCAD Analysis.
USDCAD’s fall from 1.0207 extended to as low as 1.0049 level. Deeper decline towards 0.9977 previous low is still possible later today, however, rebound would more likely be seen before breaking below this level.

20101227_usdcad_1

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