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Daily Forex Analysis – August 12, 2011

USDJPY Analysis.
USDJPY is facing 76.29 support, a breakdown below this level could signal resumption of the long term downtrend. Initial resistance is at 77.19, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart, then range trading between 76.29 and 80.23  could be seen.

20110812_usdjpy_1

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6476, the rise from 1.6110 is treated as consolidation of downtrend. Another fall could be expected after consolidation, and next target would be at 1.6000 area.

20110812_gbpusd_1

EURUSD Analysis.
No changed in our view, EURUSD stays in a trading range between 1.4055 and 1.4430. The price action in the range is treated as consolidation of downtrend from 1.4535, another fall towards 1.3900 is still possible. Key resistance is at 1.4430, only break above this level could trigger another rise towards 1.4939 previous high.

20110812_eurusd_1

USDCAD Analysis.
USDCAD is in downtrend from 1.0009, the price action from 0.9765 is treated as consolidation of downtrend. As long as 1.0009 resistance holds, we’d expect downtrend to resume, and another fall towards 0.9406 previous low is possible.

20110812_usdcad_1

USDCHF Analysis.
USDCHF bounced strongly to as high as 0.7685, suggesting that the fall from 0.8276 has completed at 0.7067 already. Further rally is expected after a minor consolidation, and next target would be at 0.8000 area.

20110812_usdchf_1

AUDUSD Analysis.
AUDUSD is in consolidation of uptrend from 0.9927. Further rise to test 1.0412 resistance could be seen later today, a break above this level will signal resumption of uptrend, then next target would be at 1.0700 area.

20110812_audusd_1

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