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Daily Forex Analysis – October 26, 2011

USDJPY Analysis.
USDJPY’s downward movement from 77.48 extended further to as low as 75.74. Key resistance is at 76.47, as long as this level holds, downtrend could be expected to continue, and next target would be at 75.00 area. On the upside, a break above 76.47 will indicate that a cycle bottom has been formed at 75.74 on 4-hour chart, and the fall from 77.48 has completed, then another rise to test 77.85 resistance could be seen.

20111026_usdjpy_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.3653. Further rise is still possible in a couple of days, and next target would be at 1.4100 area. Initial support is now located at 1.3820, only break below this level could bring price back to 1.3700 zone.

20111026_eurusd_1

GBPUSD Analysis.
GBPUSD’s upward move extended to as high as 1.6038. Further rise could be seen in a couple of days, and next target would be at 1.6100 area. Support is at 1.5900, as long as this level holds, uptrend from 1.5631 will continue.

20111026_gbpusd_1

AUDUSD Analysis.
AUDUSD remains in uptrend, the fall from 1.0500 is treated as consolidation of uptrend. Range trading between 1.0300 and 1.0500 would likely be seen in a couple of days. As long as 1.0300 support holds, we’d expect uptrend to resume, and one more rise to 1.0600 to reach the next cycle top on 4-hour chart is possible after consolidation.

20111026_audusd_1

USDCHF Analysis.
USDCHF stays below a downtrend line on 4-hour chart, and remains in downtrend from 0.9314. As long as the trend line resistance holds, downtrend could be expected to continue, and further fall to 0.8500 is possible over the next several days.

20111026_usdchf_1

USDCAD Analysis.
USDCAD remains in downtrend from 1.0656, the rise from 0.9989 could possibly be a part of consolidation from 1.0043. As long as 1.0263 key resistance holds, downtrend could be expected to resume, and another fall towards 0.9800 is still possible.

20111026_usdcad_1

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