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Daily Forex Analysis – January 26, 2011

AUDUSD Analysis.
AUDUSD moved sideways in a trading range between 0.9803 and 1.0076. Lengthier consolidation in the range is expected in a couple of days. Key support is at 0.9803, a breakdown below this level will indicate that the downtrend from 1.0255 has resumed, then deeper decline could be seen to 0.9600 area. Key resistance is at 1.0076, above this level will suggest that the fall from 1.0255 had completed at 0.9803 already, then the following upward movement could bring price to 1.0200 zone.

20110126_audusd_1

EURUSD Analysis.
EURUSD continues the upward movement from 1.2874. Support is now at 1.3570, as long as this level holds, uptrend could be expected to continue and next target would be at 1.3800 area. Only break below 1.3570 support could indicate that a cycle top is being formed on 4-hour chart, then consolidation of uptrend could be seen.

20110126_eurusd_1

GBPUSD Analysis.
GBPUSD’s fall from 1.6058 extended to as low as 1.5751, however, the fall is likely consolidation of uptrend from 1.5344, one more rise towards 1.6298 (Nov 4, 2010 high) resistance is still possible after consolidation.

20110126_gbpusd_1

USDCHF Analysis.
USDCHF’s downward move extended to as low as 0.9403 level. Deeper decline towards 0.9300 previous low is still possible in a couple of days. Resistance is at 0.9520, as long as this level holds, downtrend will continue.

20110126_usdchf_1

USDJPY Analysis.
USDJPY is facing 81.85 support, as long as this level holds, uptrend could be expected to resume and one more rise towards 85.00 area is still possible. However, a breakdown below 81.85 support will indicate that the downtrend from 83.68 has resumed, then deeper decline could be seen to 81.00 area.

20110126_usdjpy_1

USDCAD Analysis.
USDCAD stays in a trading range between 0.9836 and 1.0033. As long as 1.0033 key resistance holds, the price action in the range is treated as consolidation of downtrend, and another fall towards 0.9600 is still possible. However, a break above 1.0033 will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.0100-1.0200 area.

20110126_usdcad_1

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