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Daily Forex Analysis – April 27, 2011

USDJPY Analysis.
USDJPY continued its downward movement from 85.51, and the fall extended further to as low as 81.26. Initial resistance is at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, the downward move could be expected to continue and next target would be at 80.50-81.00 area. Only a clear break above the channel resistance could indicate that the fall from 85.51 is complete, then further rally could be seen to 83.50 zone.

20110427_usdjpy_1

USDCHF Analysis.
USDCHF’s bearish movement extended to as low as 0.8670. Further fall would likely be seen in a coup;e of days, and next target would be at 86.00 area. Resistance is now at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.

20110427_usdchf_1

AUDUSD Analysis.
After consolidation, AUDUSD broke above 1.0774 previous high, and reached as high as 1.0822, suggesting that a cycle bottom has been formed at 1.0676 on 4-hour chart, and the uptrend from 0.9704 has resumed. Further rise is still possible in a couple of days, and next target would be at 1.0900 area. Key support is at 1.0676, as long as this level holds, uptrend will continue.

20110427_audusd_1

USDCAD Analysis.
No changed in our view, USDCAD is in consolidation of downtrend from 0.9973. Another rise is still possible later today, 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.

20110427_usdcad_1

GBPUSD Analysis.
GBPUSD formed a cycle top at 1.6598 on 4-hour chart. Lengthier consolidation in a range between 1.6350 and 1.6598 would likely be seen in a couple of days. Key support is at the lower border of the price channel on 4-hour chart, uptrend could be expected to resume after touching the channel support.

20110427_gbpusd_1

EURUSD Analysis.
After consolidation, EURUSD continued its upward movement from 1.4157, and reached as high as 1.4712. Further rise could be seen in a couple of days, and next target would be at 1.4800 area. Key support is at 1.4493, as long as this level holds, uptrend will continue.

20110427_eurusd_1

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