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Daily Forex Analysis – September 28, 2011

AUDUSD Analysis.
AUDUSD has formed a cycle bottom at 0.9622 on 4-hour chart. Further rise to test the resistance of the downtrend line is possible, as long as the trend line resistance holds, the price action from 0.9622 is treated as consolidation of downtrend, and another fall towards 0.9000 is still possible. On the upside, a clear break above the trend line could indicate that the fall from 1.0764 has completed at 0.9622 already, then the following uptrend could bring price to 1.0400 area.

20110928_audusd_1

USDJPY Analysis.
Being supported by 75.96 previous low, USDJPY rebounded from 76.09, suggesting that a cycle bottom has been formed on 4-hour chart. Resistance is now at 76.95, as long as this level holds, one more fall to re-test 75.96 support is still possible. However, a break above 76.95 resistance will indicate that lengthier consolidation of the longer term downtrend from 85.51 is underway, then further rise towards 77.85 could be seen.

20110928_usdjpy_1

EURUSD Analysis.
EURUSD formed a cycle bottom at 1.3362 on 4-hour chart. Further rally is still possible in a couple of days, and target would be at 1.3800 zone. Key support is at 1.3362, only break below this level could signal resumption of downtrend.

20110928_eurusd_1

GBPUSD Analysis.
GBPUSD broke above the downtrend line on 4-hour chart, suggesting that the fall from 1.6617 has completed at 1.5327 already. Further rally is still possible later today, and next target would be at 1.5800 zone. Support is at 1.5550, only break below this level could indicate that the short term uptrend from 1.5327 is complete.

20110928_gbpusd_1

USDCAD Analysis.
USDCAD has formed a cycle top at 1.0385 on 4-hour chart. Range trading between 1.0100 and 1.0385 would likely be seen in next several days. Key resistance is at 1.0385, only break above this level could signal resumption of uptrend.

20110928_usdcad_1

USDCHF Analysis.
USDCHF is in uptrend from 0.7067, the fall from 0.9181 is treated as consolidation of uptrend. Support is now at the lower border of the price channel on 4-hour chart, as long as the channel support holds, we’d expect uptrend to resume, and another rise to 0.9500 is still possible. Only a clear break below the channel could indicate that lengthier consolidation of uptrend is underway.

20110928_usdchf_1

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