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Daily Forex Analysis – February 28, 2011

EURUSD Analysis.
Being contained by 1.3861 resistance, EURUSD pulled back from 1.3837, suggesting that lengthier consolidation of uptrend from 1.3428 is underway. Deeper decline towards the lower border of the price channel on 4-hour chart could be seen. As long as the channel support holds, we’d expect uptrend to resume, and another rise towards 1.4000 is still possible. However, a clear break below the channel support will indicate that sideways consolidation in a range between 1.3428 and 1.3861 is being formed, then next target would be at 1.3450-1.3500 area.

20110228_eurusd_1

USDCHF Analysis.
USDCHF broke above the downtrend line on 4-hour chart, suggesting that consolidation of downtrend from 0.9774 is underway. Range trading between 0.9233 and 0.9360 would likely be seen in a couple of days. Support is at 0.9233, a breakdown below this level could signal resumption of downtrend.

20110228_usdchf_1

GBPUSD Analysis.
GBPUSD failed to break above 1.6277 resistance and pulled back from 1.6272, suggesting lengthier consolidation of uptrend from 1.5344 is underway. Range trading between 1.5962 and  1.6272 would likely be seen in next several days.

20110228_gbpusd_1

USDJPY Analysis.
USDJPY continued its downward movement from 83.96 and the fall extended further to as low as 81.62. Deeper decline is still possible in a couple of days and next target would be at 81.30 area. Resistance is at 82.10, as long as this level holds, downtrend will continue.

20110228_usdjpy_1

AUDUSD Analysis.
AUDUSD broke above 1.0157 resistance. Further rise to test 1.0199 resistance would likely be seen later today, a break above this level will indicate that the longer term uptrend from 0.8066 (May 25, 2010 low) has resumed, then further rise towards 1.0400 could be seen. However, as long as 1.0199 resistance holds, lengthier consolidation in the trading range between 0.9943 and 1.0199 is still possible.

20110228_audusd_1

USDCAD Analysis.
USDCAD broke below 0.9815 previous low, suggesting downtrend from 1.0057 has resumed. Deeper decline is expected in a couple of days and next target would be at 0.9700 area. Initial resistance is at 0.9830, as long as this level holds, downtrend will continue.

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