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Daily Forex Analysis – August 17, 2011

USDJPY Analysis.
USDJPY traded in a narrow range between 76.29 and 77.19. Another fall to test 76.29 support is still possible, a breakdown below this level could signal resumption of the long term downtrend. Resistance is at 77.19, only break above this level will indicate that the downward move from 80.23 has completed at 76.30 already, then the following upward movement could bring price back to 79.00-79.50 area.

20110817_usdjpy_1

GBPUSD Analysis.
GBPUSD is facing 1.6476 resistance, a break above this level will signal resumption of uptrend from 1.5781, then next target would be at 1.6600 area. Support is at the 1.6380, as as long as this level holds, uptrend from 1.6110 will continue.

20110817_gbpusd_1

EURUSD Analysis.
EURUSD broke above 1.4430 resistance. Further rise to test 1.4535 resistance is expected after a minor consolidation. Support is at 1.4325, only break below this level could trigger another fall towards 1.3900 zone.

20110817_eurusd_1

USDCAD Analysis.
USDCAD continued its sideways movement, in a range between 0.9765 and 1.0009. The price action in the range is likely consolidation of downtrend from 1.0009. Key support is at 1.9765, a breakdown below this level could signal resumption of downtrend.

20110817_usdcad_1

USDCHF Analysis.
USDCHF remains in uptrend from 0.7067. Further rise is still possible later today, and next target would be at 0.8200 area. Key support is now at 0.7769, only break below this level could indicate that a cycle top has been formed at 0.7997, and the rise from 0.7067 has completed.

20110817_usdchf_1

AUDUSD Analysis.
AUDUSD is in uptrend from 0.9927. Further rise could be expected in a couple of days, and next target would be at 1.0700 area. Support is at 1.0345, only break below this level could indicate that lengthier consolidation of uptrend is underway, then pullback to 1.0200 area could be seen.

20110817_audusd_1

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