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Daily Forex Analysis – February 28, 2012

USDCHF Analysis.
USDCHF remains in downtrend from 0.9300, the rise from 0.8931 is treated as consolidation of the downtrend. Resistance is at 0.9030, as long as this level holds, we’d expect downtrend to resume, and another fall to 0.8800 is still possible. On the other side, a break above 0.9030 will suggest that a cycle bottom is being formed at 0.8931 on 4-hour chart, then further rise to 0.9100 could be expected.

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USDCAD Analysis.
USDCAD failed to break above 1.0050 resistance. Lengthier sideways movement in the range between 0.9905 and 1.0050 could be seen in a couple of days. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0318, and another fall to 0.9800 is still possible, only break above 1.0050 could signal completion of the downtrend.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.2975, the fall from 1.3486 is likely consolidation of the uptrend. Support is at 1.3350, as long as this level holds, uptrend could be expected to resume, and one more rise towards 1.3600 is still possible. On the downside, a breakdown below 1.3350 will suggest that a cycle top is being formed on 4-hour chart, then deeper decline to 1.3200 could be seen.

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AUDUSD Analysis.
AUDUSD’s bounce from 1.0596 extends to as high as 1.0783. Further rise to test 1.0844 key resistance could be seen, a break above this level will signal resumption of the uptrend from 0.9861. Key support is at 1.0596, only break below this level could signal completion of the uptrend.

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USDJPY Analysis.
USDJPY breaks below the lower border of the price channel on 4-hour chart, suggesting that the uptrend from 76.02 has completed at 81.65 already. Further decline could be expected after consolidation, and the first target would be at 79.00 area.

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GBPUSD Analysis.
Being contained by 1.5928 resistance, GBPUSD pulled back from 1.5900. However, another rise to re-test 1.5928 is still possible, a break above this level will signal resumption of the uptrend from 1.5236, then next target would be at 1.6000 area.

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