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Daily Forex Analysis – September 29, 2011

USDJPY Analysis.
USDJPY moved sideways in a narrow range between 76.09 and 76.95. As long as 76.95 resistance holds, one more fall to re-test 75.96 previous low support is still possible, a breakdown below this level could signal resumption of the longer term downtrend from 85.51. On the other side, above 76.95 will indicate that lengthier consolidation of the downtrend is underway, then further rise towards 77.85 could be seen.

20110929_usdjpy_1

AUDUSD Analysis.
AUDUSD stays below a downtrend line on 4-hour chart, and remains in downtrend from 1.0764, the price action from 0.9622 is treated as consolidation of downtrend. Range trading between 0.9622 and 0.9984 would likely be seen in a couple of days.

20110929_audusd_1

EURUSD Analysis.
EURUSD’s rise from 1.3362 extended to as high as 1.3689. Further rise is still possible in a couple of days, and target would be at 1.3800 area. Key support is at 1.3362, only break below this level could signal resumption of downtrend.

20110929_eurusd_1

GBPUSD Analysis.
GBPUSD broke above the downtrend line on 4-hour chart, and is now in uptrend from 1.5327, the fall from 1.5705 is treated as consolidation of uptrend. Further rise is still possible after consolidation and target would be at 1.5800.

20110929_gbpusd_1

USDCAD Analysis.
USDCAD is in consolidation of uptrend from 0.9779. 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.

20110929_usdcad_1

USDCHF Analysis.
USDCHF is now facing the support 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 area is still possible. Only a clear break below the channel could indicate that lengthier consolidation of uptrend is underway.

20110929_usdchf_1

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