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Daily Forex Analysis – February 23, 2011

EURUSD Analysis.
EURUSD is facing 1.3743 resistance again, a break above this level will indicate that the fall from 1.3861 had completed at 1.3428 already, and the bounce from 1.3428 could be treated as resumption of uptrend from 1.2874 (Jan 10 low), then the following upward move could bring price to 1.4000 zone. However, as long as 1.3743 resistance holds, the rise from 1.3428 is treated as correction of downtrend from 1.3861, and another fall towards 1.3300 is still possible.

20110223_eurusd_1

GBPUSD Analysis.
GBPUSD is in downtrend from 1.6261. The downward move could be expected to continue in a couple of days, and next target would be at 1.6000 area. Key resistance is at 1.6261, only break above this level could trigger another rise towards 1.6500 zone.

20110223_gbpusd_1

USDJPY Analysis.
USDJPY’s downward movement extended further to as low as 82.54. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 82.00 area. However, a clear above the trend line resistance will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 83.96 has completed.

20110223_usdjpy_1

AUDUSD Analysis.
AUDUSD is in downtrend from 1.0157 and the fall extended to as low as 0.9966. Resistance is at 1.0050, as long as this level holds, downtrend could be expected to continue and next target would be at 0.9900 area.

20110223_audusd_1

USDCHF Analysis.
USDCHF continued its downward movement from 0.9774 and the fall extended to as low as 0.9362. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue and deeper decline towards 0.9328 previous low is still possible later today.

20110223_usdchf_1

USDCAD Analysis.
USDCAD is facing the resistance of the falling trend line on 4-hour chart, a clear break above the trend line resistance could bring price to 0.9970 area. However, as long as the trend line resistance holds, downtrend is expected to resume and one more fall towards 0.9700 is still possible.

20110223_usdcad_1

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