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Daily Forex Analysis – February 24, 2011

USDCHF Analysis.
USDCHF continued its downward movement from 0.9774 and broke below 0.9300 (Dec 31, 2010 low) support, suggesting that the long term downtrend from 1.1730 (Jun 1, 2010 high) has resumed. Resistance is at the falling trend line on 4-hour chart, now at 0.9390, as long as the trend line resistance holds, downtrend could be expected to continue. Deeper decline could be seen in a couple of days, next target would be at 0.9200 area.

20110224_usdchf_1

EURUSD Analysis.
EURUSD broke above 1.3743 key resistance, suggesting that the fall from 1.3861 had completed at 1.3428 already. Further rise towards 1.3861 is now in favor, a break above this level will target 1.4000 zone. Initial support is at 1.3725, only break below this level will indicate that lengthier consolidation of uptrend is underway, then pullback to 1.3550-1.3600 area could be seen.

20110224_eurusd_1

GBPUSD Analysis.
GBPUSD broke above 1.6261 resistance, suggesting that the uptrend from 1.5962 had resumed. Further rise is expected in a couple of days, and next target would be at 1.6400. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend from 1.5962 could be expected to continue.

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USDJPY Analysis.
USDJPY remains in downtrend from 83.96. 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 81.80 area. Only a clear break above the trend line resistance could indicate that a cycle bottom has been formed, and the fall from 83.96 has completed.

20110224_usdjpy_1

AUDUSD Analysis.
AUDUSD is forming a sideways consolidation in a range between 0.9943 and 1.0199. Lengthier consolidation in the range would likely be seen in next several days, and one more rise towards 1.0400 is expected after consolidation.

20110224_audusd_1

USDCAD Analysis.
USDCAD had formed a cycle top at 0.9958 level on 4-hour chart. Deeper decline towards 0.9815 previous low could be seen later today, a break below this level will target 0.9700 zone.

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