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Daily Forex Analysis – August 9, 2011

GBPUSD Analysis.
GBPUSD moved sideways in a range between 1.6223 and 1.6475. Lengthier consolidation in the range is possible in a couple of days. As long as 1.6223 support holds, uptrend from 1.5781 could be expected to resume, and one more rise towards 1.6600 is still possible. On the downside, a breakdown below 1.6223 will indicate that the rise from 1.6781 has completed at 1.6475 already, then the following downward move could bring price back to 1.6000 area.

20110809_gbpusd_1

EURUSD Analysis.
EURUSD formed a cycle top at 1.4430 on 4-hour chart. Further fall to test 1.4055 support could be seen, a breakdown below this level will target 1.3900 area. Resistance is at 1.4265, only break above this level could indicate that the fall from 1.4535 is complete.

20110809_eurusd_1

USDJPY Analysis.
USDJPY’s fall from 80.23 extended to as low as 77.05. Further fall towards 76.29 previous low is expected in a couple of days, a breakdown below this level will signal resumption of the long term downtrend, then next target would be at 74.00. However, lengthier consolidation in a range between 76.29 and 80.23 would more likely be seen before breaking below 76.29 support.

20110809_usdjpy_1

USDCAD Analysis.
USDCAD continued its upward movement from 0.9406, and the rise extended to as high as 0.9997. Support is now at 0.9895, as long as this level holds, uptrend could be expected to continue, and next target would be at 1.0050 area.

20110809_usdcad_1

USDCHF Analysis.
USDCHF’s downward movement extended to as low as 0.7484. Further fall is still possible in a couple of days, and next target would be at 0.7200 area. Resistance is now at 0.7600, as long as this level holds, downtrend will continue.

20110809_usdchf_1

AUDUSD Analysis.
AUDUSD’s fall from 1.1080 extended to as low as 0.9927 level. Further fall is still possible in a couple of days, and next target would be at 0.9800 area. Resistance is at 1.0160, as long as this level holds, downtrend will continue.

20110809_audusd_1

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