Sponsors

Daily Forex Analysis – January 28, 2011

USDCHF Analysis.
USDCHF remains in downtrend from 0.9783, the bounce from 0.9390 is treated as minor consolidation of downtrend. Range trading between 0.9390 and 0.9550 would likely be seen in a couple of days. As long as 0.9550 resistance holds, downtrend could be expected to resume and one more fall towards 0.9300 previous low is still possible. Only break above 0.9550 could indicate that the fall from 0.9783 had completed at 0.9390 already, then the following upward move could bring price back to 0.9600-0.9700 area.

20110128_usdchf_1

USDCAD Analysis.
USDCAD stays in a narrow range between 0.9908 and 1.0030. Resistance is at 1.0030, a break above this level will indicate that lengthier consolidation of the long term downtrend is underway, then further rally could be seen to 1.0100-1.0200 area. On the downside, below 0.9908 will suggest that downtrend has resumed, then next target would be at 0.9836 previous low.

20110128_usdcad_1

AUDUSD Analysis.
AUDUSD stayed in a range between 0.9803 and 1.0076 for several days. Sideways movement could be expected to continue in a couple of days. Key support is at 0.9803, a breakdown below this level could trigger another fall to 0.9600 area. Key resistance is at 1.0076, above this level will indicate that the fall from 1.0255 had completed at 0.9803 already, then the following upward movement could bring price to 1.0200 zone.

20110128_audusd_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.2874 and the rise extended to as high as 1.3757 level. Further rise to 1.3800 area to reach next cycle top on 4-hour chart is possible. Support is at 1.3637 as long as this level holds, uptrend could be expected to continue. On the downside, a clear break below 1.3637 will indicate that a cycle top is being formed, then pullback to 1.3450-1.3500 area could be seen.

20110128_eurusd_1

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5344, the fall from 1.6058 is treated as consolidation of uptrend, and the bounce from 1.5751 could possibly be resumption of uptrend. Further rise towards 1.6058 resistance is expected, a break above this level will target 1.6250 area.

20110128_gbpusd_1

USDJPY Analysis.
USDJPY broke above 83.11 resistance. Another rise towards 83.68 resistance would likely be seen. Support is at 82.50 followed by 81.85, only break below 81.85 level could trigger another fall to 81.00 area.

20110128_usdjpy_1

Comments are closed.



Other finance sites

Forex Articles
Providing free forex articles and trading courses.