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Daily Forex Analysis – May 26, 2011

GBPUSD Analysis.
GBPUSD broke above the trend line from 1.6516 to 1.6302, suggesting that a cycle bottom had been formed at 1.6059 on 4-hour chart. Now the pair is facing 1.6302 resistance, a break above this level will confirm that the downward move from 1.6745 had completed at 1.6059 already, then the following upward movement could bring price back to 1.6400-1.6500 area. However, as long as 1.6302 resistance holds, the bounce from 1.6059 is treated as consolidation of downtrend, and another fall to 1.6000 is still possible.

20110526_gbpusd_1

USDCHF Analysis.
USDCHF broke below 0.8747 support, suggesting that lengthier consolidation of uptrend from 0.8553 is underway. Deeper decline could be seen in a couple of days, and target would be at 0.8650 area. Resistance is at 0.8815, only break above this level will indicate that he fall from 0.8945 is complete.

20110526_usdchf_1

AUDUSD Analysis.
AUDUSD is in downtrend from 1.0710, and the fall extended to as low as 1.0440. Further fall is expected in a couple of days, and next target would be at 1.0300 area. Resistance is at 1.0585 followed by the downtrend line from 1.1011 to 1.0888, as long as the trend line resistance holds, downtrend will continue.

20110526_audusd_1

EURUSD Analysis.
EURUSD remains in downtrend from 1.4939, and the bounce from 1.3969 is treated as consolidation of downtrend. Further fall would likely be seen in a couple of days and next target would be at 1.3700-1.3850 area. Resistance is at 1.4200 followed by 1.4345, as long as these levels hold, downtrend will continue.

20110526_eurusd_1

USDJPY Analysis.
USDJPY stays above a trend line from 79.58 to 80.36, and remains in uptrend. As long as the trend line support holds, uptrend could be expected to continue, and another rise towards 83.00 area is still possible after consolidation. Only a clear break below the trend line could indicate that the rise from 79.58 is complete, then the following downward move could bring price to 78.00 zone.

20110526_usdjpy_1

USDCAD Analysis.
USDCAD’s upward move extended to as high as 0.9816. Further rise is still possible in a couple of days, and next target would be at 0.9900 area. Support is at the trend line from 0.9513 to 0.9639, only a clear break below the trend line could indicate that the rise from 0.9444 is complete.

20110526_usdcad_1

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