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Daily Forex Analysis – March 29, 2012

GBPUSD Analysis.
After touching 1.5991 previous high resistance, GBPUSD pulled back from 1.6000, suggesting that a cycle top is being formed on 4-hour chart. Initial support is at the lower line of the price channel, and the key support is at 1.5770, as long as this level holds, uptrend from 1.5602 could be expected to resume, and another rise towards 1.6300 is still possible. On the other side, a breakdown below 1.5770 will indicate that the uptrend has completed at 1.6000, then deeper decline to test 1.5602 support could be seen.

20120329_gbpusd_1

USDCAD Analysis.
USDCAD moves sideways without trend in a range between 0.9841 and 1.0050. Lengthier consolidation in the range would likely be seen over the next several days. Key resistance is at 1.0050, as long as this level holds, downtrend could be expected to resume, and one more fall to 0.9600-0.9700 area is possible. On the upside, a break above 1.0050 will indicate that the fall from 1.0422 (Dec 14, 2011 high) had completed at 0.9841 already, then the following upward move could bring price back to 1.0400 zone.

20120329_usdcad_1

AUDUSD Analysis.
AUDUSD is facing 1.0336 support, a breakdown below this level will confirm the resumption of the downtrend from 1.0855, then deeper decline towards 1.0200 could be seen. Resistance remains at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.

20120329_audusd_1

EURUSD Analysis.
EURUSD stays above a upward trend line of 4-hour chart, and remains in uptrend from 1.3003. As long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.3450 area, only a clear break below the trend line could signal completion of the uptrend.

20120329_eurusd_1

USDJPY Analysis.
USDJPY may be forming a cycle top at 83.38 on 4-hour chart. Support is at 82.60, a breakdown below this level could trigger another fall towards 81.00. Resistance is at 83.38, only break above this level could indicate that lengthier correction of the downward movement from 84.17 is underway.

20120329_usdjpy_1

USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, and remains in downtrend from 0.9333. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.8970 area, only a clear break above the trend line could signal completion of the downtrend.

20120329_usdchf_1

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