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Daily Forex Analysis – March 29, 2011

GBPUSD Analysis.
GBPUSD’s fall from 1.6400 extended further to as low as 1.5936. Resistance is at 1.6045, as long as this level holds, downtrend from 1.6400 could be expected to continue, and next target would be at 1.5800-1.5900 area. However, a break above 1.6045 will indicate that a cycle bottom is being formed on 4-hour chart, then another rise towards 1.6400 previous high could be seen.

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USDCHF Analysis.
USDCHF might be forming a cycle top at 0.9233 level on 4-hour chart. Key support is at the rising trend line, a clear break below the trend line support will confirm the cycle top, then another fall towards 0.8700 could be seen. Resistance is at 0.9233, only break above this level could indicate that lengthier consolidation of downtrend from 0.9774 is underway.

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AUDUSD Analysis.
AUDUSD is forming a cycle top at 1.0314 on 4-hour chart. Range trading between 1.0170 and 1.0314 would likely be seen in a couple of days. However, the fall from 1.0314 is treated as consolidation of uptrend from 0.9704, as long as 1.0170 support holds, uptrend could be expected to resume, and another rise towards 1.0400 is still possible.

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EURUSD Analysis.
EURUSD might be forming a cycle bottom at 1.4020 level on 4-hour chart. Further rise towards 1.4248 previous high could be expected, a break above this level will indicate that the uptrend from 1.3428 has resumed, then next target would be at 1.4500 zone.

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USDCAD Analysis.
USDCAD traded in a range between 0.9731 and 0.9842 for several days. The price action in the range is treated as consolidation of downtrend from 0.9973, another fall towards 0.9500 would likely be seen after consolidation, and a breakdown below 0.9731 will signal resumption of downtrend.

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USDJPY Analysis.
USDJPY is facing 81.96 resistance, a break above this level will target 83.00 area. As long as 81.96 resistance holds, we’d expect downtrend to resume, and another fall to 79.50-80.00 would more likely be seen.

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