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Daily Forex Analysis – August 23, 2011

EURUSD Analysis.
Being contained by 1.4535 resistance, EURUSD pulled back from 1.4517, suggesting that the rise from 1.4055 has completed. Another fall towards 1.3900 would likely be seen, and a breakdown below 1.4259 could signal resumption of downtrend. On the upside, above 1.4535 resistance will indicate that the longer term uptrend from 1.3837 has resumed, then next target would be at 1.4750 area.

20110823_eurusd_1

USDCHF Analysis.
USDCHF continued its sideways movement in a range between 0.7769 and 0.8014. as long as 0.7769 key support holds, the price action in the range could be treated as consolidation of uptrend from 0.7067, and one more rise towards 0.8100 is still possible. However, a breakdown below 0.7769 support will indicate that a cycle top had been formed at 0.8014 already, and the rise from 0.7067 had completed, then the following downward move could bring price back to 0.7500 zone.

20110823_usdchf_1

USDJPY Analysis.
USDJPY is facing 77.19 resistance, a break above this level will indicate that lengthier consolidation of the long term downtrend is underway, then further rally could be seen to 79.00 area. Support is at 75.96, only break below this level could trigger another fall to 75.00 zone.

20110823_usdjpy_1

GBPUSD Analysis.
GBPUSD is formed a cycle top at 1.6617 on 4-hour chart, key support is at 1.6423, a breakdown below this level will indicate that the rise from 1.6110 is complete, then the following downward move could bring price back to 1.5900-1.6000 area. Resistance is at 1.6617, only break above this level could trigger another rise towards 1.6745 previous high.

20110823_gbpusd_1

USDCAD Analysis.
USDCAD moved sideways in a range between 0.9765 and 1.0009. Lengthier consolidation in the range is still possible in a couple of days. Key support is at 0.9765, a breakdown below this level will confirm that the uptrend from 0.9406 had completed at 1.0009 already, then further fall towards 0.9406 previous low could be seen.

20110823_usdcad_1

AUDUSD Analysis.
AUDUSD stays in a rising price channel on 4-hour chart, and remains in uptrend from 0.9927. As long as the channel support holds, we’d expect uptrend to continue, and another rise towards 1.1080 previous high is still possible. Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then pullback to 1.0100 area could be seen.

20110823_audusd_1

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