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Daily Forex Analysis – April 25, 2011

USDJPY Analysis.
USDJPY remains in downtrend from 85.51, the price action from 81.62 is treated as consolidation of downtrend. Resistance is at the upper border of the price channel on 4-hour chart, downtrend could be expected to resume after touching the channel resistance. However, a clear break above the upper border of the channel will indicate that a cycle bottom has been formed, and the fall from 85.51 has completed at 81.62 already, then the following upward movement could bring price back to 83.50 area.

20110425_usdjpy_1

USDCHF Analysis.
USDCHF is in downtrend from 0.9339, the price action 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.

20110425_usdchf_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9704, and the rise extended 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.

20110425_audusd_1

USDCAD Analysis.
USDCAD formed a cycle bottom at 0.9453 level on 4-hour chart. Consolidation in a range between 0.9453 and 0.9550 is expected in a couple of days. Downtrend from 0.9973 could be expected to resume after consolidation, and a breakdown below 0.9453 could signal resumption of downtrend.

20110425_usdcad_1

GBPUSD Analysis.
GBPUSD is forming a cycle top at 1.6598 on 4-hour chart. Range trading between 1.6450 and 1.6598 would likely be seen in a couple of days. However, the fall is treated as consolidation of uptrend from 1.6166, another rise towards 1.6700 is still possible after consolidation, and a break above 1.6598 could signal resumption of uptrend.

20110425_gbpusd_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.4157, the fall from 1.4648 is treated as minor consolidation of uptrend. Range trading between 1.4450 and 1.4648 would likely be seen in a couple of days. As long as 1.4450 support holds, uptrend could be expected to resume, and another rise towards 1.4800 is still possible.

20110425_eurusd_1

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