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Daily Forex Analysis – February 21, 2011

EURUSD Analysis.
EURUSD is testing 1.3743 key resistance, a break above this level will indicate that the fall from 1.3861 has completed at 1.3428 already, then further rise towards 1.3861 previous high could be seen. However, as long as 1.3743 resistance holds, the bounce from 1.3428 could possibly be correction of downtrend from 1.3861, and another fall to 1.3300 area is still possible. Support is at the rising trend line on 4-hour chart, now at 1.3568, a clear break below the trend line support could signal resumption of downtrend.

20110221_eurusd_1

USDJPY Analysis.
USDJPY broke below 83.09 key support, suggesting that a cycle top had been formed at 83.96 level on 4-hour chart. Range trading between 82.50 and 83.96 would likely be seen in a couple of days. Resistance is at 83.50, only break above this level will indicate that a cycle bottom is being formed.

20110221_usdjpy_1

AUDUSD Analysis.
AUDUSD formed a cycle bottom at 0.9943 level on 4-hour chart. Further rise towards 1.0199 resistance is possible later today. Support is at 1.0085, as long as this level holds, uptrend from 0.9943 could be expected to continue. However, below 1.0085 will indicate that a cycle top has been formed on 4-hour chart, then pullback to 1.0040 area could be seen.

20110221_audusd_1

GBPUSD Analysis.
GBPUSD is facing 1.6277 resistance, a break above this level will indicate that the longer term uptrend from 1.5344 (Dec 28, 2010 low) has resumed, then next target would be at 1.6500 area. However, sideways consolidation would more likely be seen before breaking above 1.6277 resistance.

20110221_gbpusd_1

USDCHF Analysis.
USDCHF’s downward movement from 0.9774 extended to as low as 0.9436 level. Deeper decline towards 1.9328 is still possible later today. However, rebound would more likely be seen before breaking below 0.9328. Resistance is at 0.9540, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 0.9774 has completed.

20110221_usdchf_1

USDCAD Analysis.
USDCAD may be forming a cycle bottom at 0.9815 on 4-hour chart. Range trading in a range between 0.9815 and 0.9902 is expected in a couple of days. However, the bounce from 0.9815 is treated as consolidation of downtrend from 1.0057, another fall towards 0.9700 is still possible after consolidation.

20110221_usdcad_1

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