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Daily Forex Analysis – February 20, 2012

USDCAD Analysis.
After consolidation, USDCAD breaks below 0.9925 previous low and continues its downward movement from 1.0318. Further decline could be seen in a couple of days, and next target would be at 0.9850 area. Key resistance is now at 1.0050, only break above this level could signal completion of the downtrend.

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USDCHF Analysis.
USDCHF formed a cycle top at 0.9300 on 4-hour chart. Further decline to test 0.9088 support would likely be seen later today, a breakdown below this level will signal resumption of the downtrend from 0.9594, then next target would be at 0.9000 area.

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EURUSD Analysis.
EURUSD formed a cycle bottom at 1.2975 on 4-hour chart. Further rise to test 1.3320 resistance would likely be seen later today, as long as this level holds, the rise is treated as correction of the downtrend from 1.3320, and another fall towards 1.2800 is expected, only break above 1.3320 could trigger another rise to 1.3500 zone.

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AUDUSD Analysis.
AUDUSD traded in a range between 1.0628 and 1.0844. The price action in the range is treated as consolidation of the uptrend from 0.9861 (Dec 15, 2011 low), as long as 1.0628 key support holds, one more rise to 1.0900 is still possible.

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USDJPY Analysis.
USDJPY’s upward movement extends to as high as 79.88. Support is now at the lower line of the price channel on 4-hour chart. As long as the channel support holds, uptrend could be expected to continue, and next target would be at 80.50 area.

20120220_usdjpy_1

GBPUSD Analysis.
GBPUSD is in correction of the downtrend from 1.5928. Further rise to test 1.5928 resistance would likely be seen later today, as long as this level holds, we’d expect downtrend to resume, and another fall to 1.5500 is possible.

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