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Daily Forex Analysis – August 25, 2011

USDCHF Analysis.
USDCHF moved sideways in a narrow range between 0.7769 and 0.8014. The sideways move is treated as consolidation of uptrend from 0.7067, as long as 0.7769 support holds, one more rise to 0.8200 is possible. On the downside, a breakdown below 0.7769 will indicate that the rise from 0.7067 has completed at 0.8014 already, then the following downtrend could take price back to 0.7500 zone.

20110825_usdchf_1

AUDUSD Analysis.
AUDUSD is facing the support of the lower border of the price channel on 4-hour chart, a clear break below the channel support will indicate that lengthier consolidation of uptrend from 0.9927 is underway, then deeper decline could be seen to 1.0100 area. Resistance is now at 1.0535, only break above this level could signal resumption of uptrend.

20110825_audusd_1

EURUSD Analysis.
EURUSD failed to break above 1.4535 resistance. Another fall to test 1.4259 support would likely be seen, a breakdown below this level will indicate that downtrend has resumed, and the target would be at 1.3900 area.

20110825_eurusd_1

USDJPY Analysis.
USDJPY is facing 77.19 resistance again, 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 zone. Support is at 76.45 followed by 75.96, only break below these levels could trigger another fall to 75.00.

20110825_usdjpy_1

GBPUSD Analysis.
GBPUSD broke below 1.6423 key support, suggesting that a cycle top has been formed at 1.6617 on 4-hour chart, and the rise from 1.6110 has completed. Further fall could be expected in a couple of days, and target would be at 1.6200.

20110825_gbpusd_1

USDCAD Analysis.
USDCAD traded 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.

20110825_usdcad_1

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