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Daily Forex Analysis – July 20, 2011

USDCHF Analysis.
USDCHF broke above 0.8198 resistance, and reached as high as 0.8276, suggesting that a cycle bottom had been formed at 0.8082 on 4-hour chart, and the fall from 0.8525 had completed. Further rally could be seen after a minor consolidation, and target would be at 0.8400-0.8450 area. Initial support is at 0.8160 and key support is at 0.8082, only break below these levels could trigger another fall to 0.8000 zone.

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USDJPY Analysis.
USDJPY stays in a trading range between 78.46 and 79.58. As long as 79.58 resistance holds, downtrend from 81.47 could be expected to resume, and one more fall to 77.50 area is still possible. However, a break above 79.58 will indicate that the fall from 85.51 had completed at 78.46 already, then the following upward move could bring price to 83.00 zone.

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EURUSD Analysis.
EURUSD is in uptrend from 1.3837, the price action from 1.4281 is treated as correction of uptrend. Further rise to test 1.4281 resistance is expected later today, a break above this level will signal resumption of uptrend. Key support is at 1.3837, only break below this level could trigger another fall to 1.3500.

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GBPUSD Analysis.
GBPUSD formed a cycle top at 1.6193 on 4-hour chart. The fall from 1.6193 is treated as consolidation of uptrend from 1.5781. Range trading between 1.5935 and 1.6193 could be seen in a couple of days. As long as 1.5935 support holds, we’d expect uptrend to resume, and another rise to 1.6500 area is possible, and a break above 1.6193 will signal resumption of uptrend.

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AUDUSD Analysis.
AUDUSD moved sideways in a range between 1.0525 and 1.0798. The price action in the range is  treated as consolidation of uptrend from 1.0390. Further rise to test 1.0798 resistance is possible later today, a break above this level will indicate that the uptrend has resume, then next target would be at 1.0900-1.0950 area.

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USDCAD Analysis.
USDCAD continued its downward move from 0.9777 and reached as low as 0.9482. Deeper decline to test 0.9444 previous low support is possible later today. Resistance is now at the downtrend line on 4-hour chart, only a clear break above the trend line could indicate that the fall from 0.9777 is complete.

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