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Daily Forex Analysis – April 22, 2011

USDJPY Analysis.
USDJPY’s downward movement from 85.51 extended further to as low as 81.62. Resistance is at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, downtrend could be expected to continue and next target would be at 81.00 area. Only a clear break above the channel resistance could indicate that the downtrend from 85.51 is complete, then the following upward move could bring price back to 83.50 zone.

20110422_usdjpy_1

USDCHF Analysis.
USDCHF is in downtrend from 0.9007, the bounce from 0.8780 is treated as consolidation of downtrend. Range trading between 0.8780 and 0.8900 would likely be seen in a couple of days, and another fall could be expected after consolidation.

20110422_usdchf_1

AUDUSD Analysis.
AUDUSD rose strongly to as high as 1.0774. Further rise is still possible after a minor consolidation, and  next target would be at 1.0850-1.0900 area. Support is at 1.0700 followed by 1.0650, as long as these levels hold, uptrend will continue.

20110422_audusd_1

USDCAD Analysis.
USDCAD is forming a cycle bottom at 0.9453 level on 4-hour chart. Range trading between 0.9453 and 0.9550 would likely be seen in a couple of days. However, the bounce is treated as consolidation of downtrend from0.9721, and another fall could be expected after consolidation.

20110422_usdcad_1

GBPUSD Analysis.
GBPUSD is in uptrend from 1.6166, and the rise extended to as high as 1.6598. Further rise is still possible after a minor consolidation, and next target would be at 1.6700 area. Support levels are at 1.6500 and 1.6430.

20110422_gbpusd_1

EURUSD Analysis.
EURUSD’s upward move from 1.4157 extended to as high as 1.4648. Support levels are at 1.4530 and 1.4460, as long as these levels hold, uptrend could be expected to continue, and next target would be at 1.4800 zone.

20110422_eurusd_1

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