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Daily Forex Analysis – March 28, 2011

USDCHF Analysis.
USDCHF’s bounce from 0.8922 extended further to as high as 0.9227. However, next cycle top is nearing, another fall would likely be seen later today. Key support is at the rising trend line on 4-hour chart, a clear break below the trend line support will indicate that a cycle top has been formed, and the downtrend from 0.9774 (Feb 11 high) has resumed, then deeper decline could be seen to 0.8700 zone.

20110328_usdchf_1

AUDUSD Analysis.
AUDUSD broke above 1.0255 (Dec 31, 2010 high) resistance and reached as high as 1.0265. Support is now at 1.0185, as long as this level holds, uptrend from 0.9704 could be expected to continue and next target would be at 1.0400 area.

20110328_audusd_1

GBPUSD Analysis.
GBPUSD’s downward move extended to as low as 1.6000. deeper decline to test 1.5962 support is still possible later today, a break below this level will target 1.5800-1.5900 area. Resistance is at 1.6140, as long as this level holds, downtrend will continue.

20110328_gbpusd_1

EURUSD Analysis.
EURUSD is in consolidation of uptrend from 1.3428. Deeper decline to 1.4000 area to reach next cycle bottom on 4-hour chart is expected later today. Support level is at 1.3900, as long as this level holds, uptrend could be expected to resume, and another rise towards 1.4500 is still possible.

20110328_eurusd_1

USDCAD Analysis.
USDCAD is in downtrend from 0.9973, the price action from 0.9746 is treated as consolidation of downtrend. Another fall towards 0.9667 is expected after consolidation and a breakdown below 0.9731 will signal resumption of downtrend.

20110328_usdcad_1

USDJPY Analysis.
USDJPY formed a sideways consolidation in a range between 80.51 and 81.96. Another fall to 79.50-80.00 area would likely be seen before breaking above 81.96. Resistance is at 81.96, only break above this level could trigger another rise to 83.00 zone.

20110328_usdjpy_1

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