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Daily Forex Analysis – April 28, 2011

USDCAD Analysis.
USDCAD formed a sideways consolidation in a range between 0.9453 and 0.9575. As long as 0.9453 support holds, lengthier consolidation in the range is expected, and another rise to 0.9650 to reach next cycle top on 4-hour chart is still possible. On the other side, the fall from 0.9575 could possibly be resumption of downtrend from 0.9973, a breakdown below 0.9453 could trigger another fall towards 0.9300-0.9400 area.

20110428_usdcad_1

USDJPY Analysis.
USDJPY broke above the falling price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 81.26, and the fall from 85.51 has completed. Consolidation in a range between 81.26 and 83.50 would likely be seen in a couple of days.

20110428_usdjpy_1

USDCHF Analysis.
USDCHF stays below a falling trend line on 4-hour chart, and remains in downtrend from 0.9339. As long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 0.8600 area. However, a clear break above the trend line resistance will indicate that a cycle bottom has been formed at 0.8670, then lengthier consolidation of downtrend could be seen.

20110428_usdchf_1

AUDUSD Analysis.
AUDUSD continued its upward movement from 0.9704, and reached as high as 1.0920. Support is at the trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue and next target would be at 1.1000.

20110428_audusd_1

GBPUSD Analysis.
After a minor consolidation, GBPUSD broke above 1.6598 previous high and reached as high as 1.6702. Further rise could be seen in a couple of days, and next target would be at 1.6800 area. Support is at 1.6600, as long as this level holds, uptrend will continue.

20110428_gbpusd_1

EURUSD Analysis.
EURUSD’s upward movement extended to as high as 1.4846. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.5000 zone.

20110428_eurusd_1

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