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Daily Forex Analysis – June 27, 2011

USDCHF Analysis.
USDCHF broke below 0.8326 previous low and reached as low as 0.8315. Resistance is at downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend from 0.8550 could be expected to continue, and next target would be at 0.8200 zone. However, a clear break above the trend line resistance will indicate that lengthier consolidation of the long term downtrend from 1.1730 (2010 high) is underway, then further rally could be seen to 0.8650.

20110627_usdchf_1

USDCAD Analysis.
USDCAD’s rise from 0.9701 extended to as high as 0.9911. Initial support is now at 0.9860 followed by 0.9835, as long as these levels hold, uptrend from 0.9701 could be expected to continue, and next target would be at 0.9950-1.0000 area. On the other side, a breakdown below 0.9835 will indicate that consolidation of uptrend is underway, then pullback to the uptrend line from 0.9444 to 0.9669 could be seen.

20110627_usdcad_1

AUDUSD Analysis.
AUDUSD broke below 1.0440 and reached as low as 1.0419. Further fall could be expected in a couple of days, and target would be at 1.0250 area. Resistance is at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend from 1.0773 will continue.

20110627_audusd_1

GBPUSD Analysis.
GBPUSD stays below a downtrend line from 1.6441 to 1.6261, and remains in downtrend from 1.6546. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.5800 zone.

20110627_gbpusd_1

EURUSD Analysis.
EURUSD is facing 1.4073 support, a breakdown below this level will target 1.4000. Resistance is at 1.4200, a break above this level could indicate that the pair remains in range trading between 1.4073 and 1.4441, then another rise to 1.4350-1.4400 area could be seen.

20110627_eurusd_1

USDJPY Analysis.
USDJPY had formed a cycle bottom at 80.00 on 4-hour chart. Further rise to 81.50-82.00 to reach next cycle top could be expected. Key support is at 80.00, only break below this level could trigger another fall towards 78.00.

20110627_usdjpy_1

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