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Daily Forex Analysis – April 26, 2011

USDJPY Analysis.
USDJPY stays in a falling price channel on 4-hour chart, and remains in downtrend from 85.51. Key resistance is now at 82.42, as long as this level holds, downtrend could be expected to continue, and next target would be at 81.00 area. On the other side, a break above 82.42 will indicate that a cycle bottom has been formed at 81.62 level on 4-hour chart, and the fall from 85.51 has completed, then the following upward movement could bring price back to 83.50 zone.

20110426_usdjpy_1

USDCHF Analysis.
After a minor consolidation, USDCHF continued its downward move, and reached as low as 0.8772. Further fall would likely be seen in  a couple of days, and next target would be at 87.00 area. Resistance is at 0.8878, as long as this level holds, downtrend will continue.

20110426_usdchf_1

AUDUSD Analysis.
AUDUSD has formed a cycle top at 1.0774 on 4-hour chart. Range trading between 1.0650 and 1.0774 is expected. As long as 1.0650 support holds, we’d expect uptrend to resume, and another rise towards 1.1000 is still possible.

20110426_audusd_1

USDCAD Analysis.
USDCAD is in consolidation of downtrend from 0.9973. Further rally is still possible in a couple of days, and target would be at 0.9650 area. Key support is at 0.9453, only break below this level will indicate that the downtrend from 0.9973 has resumed.

20110426_usdcad_1

GBPUSD Analysis.
GBPUSD has formed a cycle top at 1.6598 on 4-hour chart. Range trading between 1.6450 and 1.6598 is expected in a couple of days. As long as 1.6450 support holds, the fall from 1.6598 is treated as consolidation of uptrend from 1.6166, and another rise towards 1.6700 is still possible.

20110426_gbpusd_1

EURUSD Analysis.
EURUSD traded in a narrow range between 1.4525 and 1.4648. The price action in the range is treated as consolidation of uptrend from 1.4157. Another rise towards 1.4800 would likely be seen later today. Resistance is at 1.4648, a break above this level could signal resumption of uptrend.

20110426_eurusd_1

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