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Daily Forex Analysis – March 31, 2011

USDCHF Analysis.
USDCHF’s upward movement extended to as high as 0.9274. Support is at 0.9139, as long as this level holds, uptrend could be expected to continue and next target would be at 0.9300-0.9350 area. However, a breakdown below 0.9139 will indicate that a cycle top has been formed at 0.9274 level on 4-hour chart, and the rise from 0.8922 has completed, then deeper decline towards 0.8922 previous low could be seen.

20110331_usdchf_1

GBPUSD Analysis.
GBPUSD has formed a cycle bottom at 1.5936 level on 4-hour chart. Further rally could be seen in a couple of days, and next target would be at 1.6200. Key support is at 1.5936, only break below this level could trigger another fall to 1.5800-1.5900 zone.

20110331_gbpusd_1

AUDUSD Analysis.
AUDUSD continued its upward movement from 0.9704, and the rise extended to as high as 1.0345. Key support is at 1.0204, as long as this level holds, uptrend could be expected to continue and next target would be at 1.0400-1.0450 area.

20110331_audusd_1

EURUSD Analysis.
EURUSD has formed a cycle bottom at 1.4020 level on 4-hour chart. Further rise towards 1.4248 previous high could be seen later today, a break above this level will indicate that the uptrend from 1.3428 (Feb 14 low) has resumed, then another rise towards 1.4500 could be seen. Support is at 1.4020, only break below this level will suggest that lengthier consolidation of uptrend is underway.

20110331_eurusd_1

USDCAD Analysis.
USDCAD broke below 0.9731 support and the fall from 0.9973 extended further to as low as 0.9686. Deeper decline towards 0.9667 previous low is still possible later today, a break below this level will indicate that the long term downtrend has resumed, then next target would be at 0.9500 zone.

20110331_usdcad_1

USDJPY Analysis.
USDJPY’s upward movement extended to as high as 83.20. Support is now at 82.50, as long as this level holds, uptrend could be expected to continue, and next target would be at 83.50-84.00 area.

20110331_usdjpy_1

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