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Daily Forex Analysis – October 25, 2011

USDJPY Analysis.
After breaking below 75.96 previous low, USDJPY bounced from 75.81. Key resistance is now at 76.47, as long as this level holds, the bounce is treated as consolidation of downtrend from 77.48, another fall towards 70.00 is possible after consolidation. However, a break above 76.47 will indicate that lengthier consolidation of the longer term downtrend from 85.51 (Apr 6 high) is underway, then another rise to test 77.85 resistance could be seen.

20111025_usdjpy_1

EURUSD Analysis.
EURUSD broke above 1.3914 resistance, suggesting that a uptrend from 1.3146 has resumed. Further rise is still possible in a couple of days, and next target would be at 1.4100 area. Key support is at 1.3653, only break below this level could indicate that the rise from 1.3146 is complete.

20111025_eurusd_1

GBPUSD Analysis.
GBPUSD is in uptrend from 1.5272, and the rise extended to as high as 1.6007. Further rise is still possible in a couple of days, and next target would be at 1.6100 area. Support levels are at 1.5900 and 1.5830, as long as these levels hold, uptrend will continue.

20111025_gbpusd_1

AUDUSD Analysis.
AUDUSD continued its upward move yesterday, and the rise extended to as high as 1.0500. Further rise could be seen in a couple of days, and next target would be at 1.0600 area. Support 1.0300, as long as this level holds, uptrend will continue.

20111025_audusd_1

USDCHF Analysis.
USDCHF’s downward movement from 0.9314 extended further to as low as 0.8787. Deeper decline could be seen in a couple of days, and next target would be at 0.8500 area. Resistance remains at the downtrend line from 0.9314 to 0.9082, only a clear break above the trend line could indicate that the fall from 0.9314 is complete.

20111025_usdchf_1

USDCAD Analysis.
USDCAD broke below 1.0043 support, suggesting that the downtrend from 1.0656 has resumed. Further fall could be seen in a couple of days, and next target would be at 0.9800-0.9900 area. Key resistance is now at 1.0263, only break above this level could indicate that the fall from 1.0656 is complete.

20111025_usdcad_1

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