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Daily Forex Analysis – January 25, 2012

USDJPY Analysis.
USDJPY broke above 77.32 resistance, and reached as high as 77.84, suggesting that the downtrend from 78.21 had completed at 76.55 already. Further rise could be expected after a minor consolidation, and next target would be at 78.00-78.50 area.

USDCHF Analysis.
USDCHF remains in downtrend, and the fall from 0.9594 extended to as low as 0.9234. Further fall is still possible after consolidation, and next target would be at 0.9150 area. Resistance is at 0.9350, as long as this level holds, downtrend will continue.

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9861, the fall from 1.0572 is treated as consolidation of uptrend. Support is at the lower line of the price channel on 4-hour chart, as long as the channel support holds, uptrend could be expected to resume, and another rise to 1.0650 is still possible after consolidation, only a clear break below the channel support could signal completion of the uptrend.

EURUSD Analysis.
EURUSD’s upward movement extended to as high as 1.3062. Further rise is still possible after consolidation, and next target would be at 1.3200 area. Key support is at 1.2875, only break below this level could signal completion of the short term uptrend.

USDCAD Analysis.
USDCAD remains in downtrend from 1.0318, the price action from 1.0069 is treated as consolidation of downtrend. Resistance is at 1.0160, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.0000 is still possible, only break above 1.0160 could indicate that the fall from 1.0318 is complete.

GBPUSD Analysis.
GBPUSD’s upward movement has reached as high as 1.5627. Further rise is still possible in a couple of days, and next target would be at 1.5700 area. Support is at 1.5500, only break below this level will suggest that a cycle top has been formed on 4-hour chart, then pullback to 1.5400 area could be seen.

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