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Daily Forex Analysis – March 30, 2011

USDCHF Analysis.
USDCHF may be forming a cycle top at 0.9233 on 4-hour chart. Key support is now at 0.9139, a breakdown below this level will confirm the cycle top, then another fall towards 0.8922 previous low could be seen. Immediate resistance is at 1.9233, only break above this level could indicate that the uptrend from 0.8922 has resumed, then next target would be at 0.9300-0.9350 area.

20110330_usdchf_1

GBPUSD Analysis.
GBPUSD may be forming a cycle bottom at 1.5936 on 4-hour chart. Further rally would likely be seen later today, and target would be at 1.6100 area. However, the bounce from 1.5936 would possibly be consolidation of downtrend from 1.6400, one more fall to 1.5800-1.5900 area is still possible after consolidation.

20110330_gbpusd_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9704. The price action from 1.0314 is treated as consolidation of uptrend. Range trading between 1.0170 and 1.0314 would likely be seen in a couple of days. As long as 1.0170 support holds, we’d expect uptrend to resume, and another rise towards 1.0400 is still possible.

20110330_audusd_1

EURUSD Analysis.
No changed in our view, EURUSD may be forming a cycle bottom at 1.4020 on 4-hour chart. Another rise towards 1.4248 previous high would likely be seen later today, a break above this level will indicate that the uptrend from 1.3428 has resumed, then next target would be at 1.4500 zone. Support is at 1.4020, only break below this level will suggest that lengthier consolidation of uptrend is underway.

20110330_eurusd_1

USDCAD Analysis.
USDCAD is facing 0.9731 support, a breakdown this level will indicate that the downtrend from 0.9973 has resumed, then deeper decline to test 0.9667 previous low support could be seen.

20110330_usdcad_1

USDJPY Analysis.
USDJPY broke above 81.96 resistance and reached as high as 82.82 level. Further rise to 83.00 area to reach next cycle top on 4-hour chart is expected. Key support is at 81.50, a break below this level will indicate that a cycle top has been formed on 4-hour chart, then pullback to 79.00 area could be seen.

20110330_usdjpy_1

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