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Daily Forex Analysis – February 18, 2011

USDJPY Analysis.
USDJPY stays above 83.09 support and remains in uptrend from 81.13, the fall from 83.96 is treated as consolidation of uptrend. As long as 83.09 support holds, uptrend could be expected to resume and one more rise towards 84.49 resistance is still possible. However, a breakdown below 83.09 will indicate that a cycle top had been formed at 83.96 level on 4-hour chart, and the rise from 81.13 had completed, then the following downward move could bring price back to 82.00 area.

20110218_usdjpy_1

AUDUSD Analysis.
AUDUSD broke above 1.0073 resistance and reached as high as 1.0129 level, suggesting that a cycle bottom had been formed at 0.9943 on 4-hour chart, and the fall from 1.0199 had completed. Further rise towards 1.0199 previous high is still possible later today. Support is at 1.0075, as long as this level holds, uptrend from 0.9943 will continue.

20110218_audusd_1

GBPUSD Analysis.
GBPUSD is facing 1.6184 resistance, a break above this level will target 1.6277 previous high. As long as 1.6277 resistance holds, the rise from 1.5962 is treated as a part of consolidation of uptrend from 1.5344 (Dec 28, 2010 low), and one more fall to 1.5800-1.5900 area is possible. However, a break above 1.6277 will indicate that the uptrend from 1.5344 has resumed, then next target would be at 1.6500 zone.

20110218_gbpusd_1

USDCHF Analysis.
USDCHF continued its downward movement and the fall extended to as low as 0.9478 level. Resistance levels are at 0.9535 and 0.9575, as long as these levels hold, downtrend could be expected to continue and next target would be at 0.9450 area. However, above 0.9575 will suggest that a cycle bottom is being formed on 4-hour chart, and the fall from 0.9774 is complete.

20110218_usdchf_1

USDCAD Analysis.
USDCAD broke below 0.9831 previous low. Deeper decline is still possible in a couple of days, and next target would be at 0.9700 area. Resistance is at 0.9870 followed by 0.9902, only break above these levels could bring price to 0.9950 area.

20110218_usdcad_1

EURUSD Analysis.
EURUSD remains in downtrend from 1.3861, the price action from 1.3508 is treated as consolidation of downtrend. Downtrend could be expected to resume after touching the upper border of the price channel on 4-hour chart.

20110218_eurusd_1

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