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Daily Forex Analysis – February 22, 2011

GBPUSD Analysis.
Being contained by 1.6277 resistance, GBPUSD pulled back from 1.6261, suggesting that a cycle top had been formed on 4-hour chart. Deeper decline could be expected in a couple of days and target would be at 1.5900 area. Initial resistance is now at 1.6261, only break above this level could trigger another rise towards 1.6500 zone.

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EURUSD Analysis.
EURUSD pulled back from 1.3715 and broke below the rising trend line on 4-hour chart, suggesting that a cycle top had been formed on 4-hour chart. Another fall towards 1.3300 could be expected in a couple of days.

20110222_eurusd_1

USDJPY Analysis.
USDJPY may be forming a cycle bottom at 82.84 level on 4-hour chart, resistance is at the falling trend line, a clear break above the trend line resistance will confirm the cycle bottom, then further rise to 83.50 area could be seen.

20110222_usdjpy_1

AUDUSD Analysis.
AUDUSD formed a cycle top at 1.0157 level on 4-hour chart. Deeper decline towards 0.9943 support would likely be seen in a couple of days. Initial resistance is at 1.0080, as long as this level holds, downtrend from 1.0157 could be expected to continue.

20110222_audusd_1

USDCHF Analysis.
USDCHF may be forming a cycle bottom at 0.9436 level on 4-hour chart, key resistance is at 0.9540, a break above this level will confirm the cycle bottom. However, the bounce from 0.9436 is more likely consolidation of downtrend from 0.9774, another fall towards 0.9328 previous low is still possible after consolidation.

20110222_usdchf_1

USDCAD Analysis.
USDCAD is forming a cycle bottom at 0.9815 on 4-hour chart. Range trading between 0.9815 and 0.9902 would likely be seen 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.

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