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Daily Forex Analysis – January 21, 2011

EURUSD Analysis.
EURUSD remains in uptrend from 1.2874, the pullback from 1.3537 is treated as consolidation of uptrend. Deeper decline to 1.3300-1.3350 area to reach next cycle bottom on 4-hour chart is possible later today. Key support is at 1.3245, as long as this level holds, uptrend could be expected to resume and another rise towards 1.3800 could be seen after consolidation.

20110121_eurusd_1

GBPUSD Analysis.
GBPUSD formed a cycle top at 1.6058 level on 4-hour chart. Range trading between 1.5800 and 1.6058 is expected in a couple of days. As long as 1.5800 level holds, the fall from 1.6058 is treated as consolidation of uptrend from 1.5344, and another rise to test 1.6298 (Nov 4, 2010 high) resistance is still possible after consolidation.

20110121_gbpusd_1

USDCHF Analysis.
USDCHF bounced strongly from 0.9520, suggesting that a cycle bottom had been formed on 4-hour chart. Further rise towards 0.9783 resistance is now in favor, a break above this level could target 1.0000 area.

20110121_usdchf_1

AUDUSD Analysis.
AUDUSD broke below the uptrend line on 4-hour chart and reached as low as 0.9832 level. Deeper decline to test 0.9803 support is possible later today, a break below this level could trigger another fall towards 0.9600 area.

20110121_audusd_1

USDJPY Analysis.
USDJPY broke above this falling price channel on 4-hour chart, suggesting that a cycle bottom had been formed at 81.85 level on 4-hour chart. Further rise towards 83.68 resistance is expected, a break above this level will target 85.00 area.

20110121_usdjpy_1

USDCAD Analysis.
Being contained by 1.0033 resistance, USDCAD pulled back from 1.0030, suggesting that a cycle top is being formed on 4-hour chart. Another fall towards 0.9836 would likely be seen in a couple of days, a breakdown below this level will trigger another fall towards 0.9600 area.

20110121_usdcad_1

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