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Daily Forex Analysis – July 26, 2011

USDCAD Analysis.
USDCAD remains in downtrend from 0.9777, the rise from 0.9423 is treated as consolidation of downtrend. Further fall to 0.9300 could be seen after consolidation, and a breakdown below 0.9423 could signal resumption of downtrend.

20110726_usdcad_1

USDCHF Analysis.
USDCHF broke below 0.8082 support and continued its downward move. Further fall could be seen in a couple of days, and next target would be at 0.7800 area. Resistance levels are at 0.8070 and 0.8100, as long as these levels hold, downtrend will continue.

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USDJPY Analysis.
USDJPY’s fall from 81.47 extended to as low as 77.89. Resistance is at 78.75, as long as this level holds, downtrend could be expected to continue, and next target would be at 77.50 area. However, a break above 78.75 will suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 79.00 zone.

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EURUSD Analysis.
EURUSD remains in uptrend. Further rise could be seen in a couple days, and next target would be at 1.4550 area. Support is at 1.4324, as long as this level holds, uptrend could be expected to continue.

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GBPUSD Analysis.
GBPUSD remains in uptrend. Further rise is expected in a couple of days, and next target would be at 1.6450 area. Support is at 1.6261, as long as this level holds, uptrend will continue.

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AUDUSD Analysis.
AUDUSD stays above a uptrend line on 4-hour chart, and remains in uptrend. As long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.0950 area. Key support is now at 1.0795, only break below this level could bring price back to 1.0700 area.

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