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Daily Forex Analysis – February 29, 2012

USDCAD Analysis.
USDCAD stays in a trading range between 0.9905 and 1.0050. 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 to 0.9800 is still possible. On the upside, a break above 1.0050 will indicate that the downtrend had completed at 0.9905 already, then the following upward movement could bring price back to 1.0400 zone.

20120229_usdcad_1

USDCHF Analysis.
USDCHF is in downtrend from 0.9300. Further decline could be expected later today, and next target would be at 0.8850 area. Resistance is at 0.9030, only break above this level could signal completion of the downtrend.

20120229_usdchf_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.2975. Further rise could be expected later today, and next target would be at 1.3600 area. Support is at 1.3350, only break below this level could signal completion of the uptrend.

20120229_eurusd_1

AUDUSD Analysis.
AUDUSD is in consolidation of the uptrend from 0.9861. As long as 1.0844 level holds, sideways movement is expected to continue, only a break above this level could signal resumption of the uptrend.

20120229_audusd_1

USDJPY Analysis.
USDJPY’s upward movement from 76.02 had completed at 81.65 already, correction is expected to continue, and pullback to 78.00-79.00 area to complete to correction would likely be seen over the next several days.

20120229_usdjpy_1

GBPUSD Analysis.
GBPUSD is facing 1.5928 resistance again, a break above this level will indicate that the uptrend from 1.5236 has resumed, then further rise towards 1.6000 could be seen. Support is at 1.5800, only break below this level could bring price back to the sideways movement.

20120229_gbpusd_1

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