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Daily Forex Analysis – August 26, 2011

USDCHF Analysis.
USDCHF moved sideways without trend in  a range between 0.7769 and 0.8014. Lengthier consolidation in the range is still possible in a couple of days. Key support is at 0.7769, as long as this level holds, one more rise to 0.8200 could be expected. However, a breakdown below 0.7769 will indicate that the uptrend from 0.7067 has completed at 0.8014 already, then the following downward move could bring price back to 0.7500 area.

20110826_usdchf_1

AUDUSD Analysis.
AUDUSD broke below the lower border of the price channel on 4-hour chart, suggesting that lengthier consolidation of uptrend from 0.9927 is underway. Range trading between 1.0315 and 1.0601 would likely be seen.

20110826_audusd_1

EURUSD Analysis.
EURUSD traded in a range between 1.4259 and 1.4517. Another fall to test 1.4259 would likely be seen, a breakdown below this level will indicate that downtrend has resumed, and the target would be at 1.3900 area.

20110826_eurusd_1

USDJPY Analysis.
USDJPY broke above 77.19 key resistance, and reached as high as 77.69, suggesting that lengthier consolidation of the long term  downtrend is underway. Further rally could be seen in  a couple of days, and next target would be at 78.00-78.50 area.

20110826_usdjpy_1

GBPUSD Analysis.
GBPUSD’s fall from 1.6617 extended to as low as 1.6262. Deeper decline is still possible after a minor consolidation, and next target would be at 1.6200 area. Resistance is at 1.6345, as long as this level holds, downtrend will continue.

20110826_gbpusd_1

USDCAD Analysis.
USDCAD stays in a trading 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.

20110826_usdcad_1

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