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Daily Forex Analysis – August 10, 2011

USDJPY Analysis.
USDJPY continued its downward movement, and the fall extended to as low as 76.70. Further fall to test 76.29 previous low support could be seen later today, a breakdown below this level will indicate that the long term downtrend has resumed, then next target would be at 74.00 zone, however, rebound is possible before breaking below 76.29 support.

20110810_usdjpy_1

GBPUSD Analysis.
GBPUSD broke below 1.6223 support, suggesting that the rise from 1.5781 has completed at 1.6476 already. Consolidation would likely be seen and the trading range would be between 1.6050 and 1.6476. Key resistance is at 1.6476, only break above this level could trigger another rise towards 1.6745 previous high.

20110810_gbpusd_1

EURUSD Analysis.
EURUSD remains in downtrend from 1.4535, the bounce from 1.4055 would possibly be correction of downtrend. As long as 1.4535 key resistance holds, we’d expect downtrend to resume, and another fall to 1.3900 is still possible.

20110810_eurusd_1

USDCAD Analysis.
USDCAD has formed a cycle top at 1.0009 on 4-hour chart, and the rise from 0.9406 has completed. The pair is now in downtrend, further decline could be expected after minor consolidation, and next target would be at 0.9700 zone.

20110810_usdcad_1

USDCHF Analysis.
USDCHF’s fall from 0.8276 extended to as low as 0.7067. Further fall is still possible after a minor consolidation, and next target would be at 0.6700 area. Resistance is now at 0.7350, as long as this level holds, downtrend will continue.

20110810_usdchf_1

AUDUSD Analysis.
AUDUSD has formed a cycle bottom at 0.9927 on 4-hour chart, and the fall from 1.1080 has completed. The pair is now in uptrend, further rise is expected after a minor consolidation, and next target would be at 1.0600 zone.

20110810_audusd_1

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