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Daily Forex Analysis – February 24, 2012

USDCAD Analysis.
USDCAD moved sideways in a range between 0.9905 and 1.0050 for several days. Key resistance is at 1.0050, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 1.0318, and another fall towards 0.9800 is still possible. However, a break above 1.0050 will indicate that the fall from 1.0318 has completed at 0.9905 already, then the following upward movement could bring price back to 1.0400 zone.

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EURUSD Analysis.
EURUSD broke above 1.3320 resistance, suggesting that the uptrend from 1.2624 has resumed. Further rise could be seen over the next several days, and next target would be at 1.3500 area. Support is now at 1.3270, as long as this level holds, uptrend will continue.

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AUDUSD Analysis.
AUDUSD’s fall from 1.0844 can reach 1.0596 only, the subsequent rise is likely resumption of the uptrend from 0.9861 (Dec 15, 2011 low). Further rise to test 1.0844 resistance is expected later today, a break above this level will confirm the resumption of the uptrend, then next target would be at 1.0900 area.

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USDCHF Analysis.
USDCHF continues its downward movement from 0.9300 and reaches as low as 0.9008. Further decline could be expected over the next several days, and next target would be at 0.8900 area. Resistance is now at 0.9080, as long as this level holds, downtrend will continue.

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USDJPY Analysis.
USDJPY stays in a upward price channel on 4-hour chart, and remains in uptrend from 76.02. Further rise could be seen after a minor consolidation, and next target would be at 81.00 area. Support is at the lower line of the channel, only a clear break below the channel support could signal completion of the uptrend.

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GBPUSD Analysis.
GBPUSD failed to break below 1.5645 support and rebounded from 1.5648, suggesting that lengthier sideways movement in the range between 1.5645 and 1.5928 is underway. However, another fall to re-test 1.5945 would likely be seen after consolidation, and a breakdown below this level will target 1.5500 area.

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