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Daily Forex Analysis – June 25, 2012

USDCHF Analysis.
USDCHF is facing 0.9600 resistance, as long as this level holds, the bounce from 0.9421 could be treated as consolidation of the downtrend from 0.9769, and another fall to 0.9300 is still possible after consolidation. However, a break above 0.9600 resistance will indicate that the fall from 0.9769 has completed at 0.9421 already, and the longer term uptrend from 0.8931 (Feb 24 low) has resumed, then another rise towards 1.0000 could be seen.

20120625_usdchf_1

GBPUSD Analysis.
GBPUSD breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 1.5268 has completed at 1.5776 already. Further decline would likely be seen over the next several days, and next target would be at 1.5500 area. Initial resistance is at 1.5635, only break above this level could trigger another rise to 1.5900 zone.

20120625_gbpusd_1

EURUSD Analysis.
EURUSD is facing 1.2500 key support, as long as this level holds, the price action from 1.2747 could be treated as consolidation of the uptrend from 1.2288, and one more rise to 1.2800-1.2900 area is still possible. However, a breakdown below 1.2500 will indicate that the uptrend from 1.2288 has completed at 1.2747 already, then the following downward movement could bring price back to test 1.2288 previous low support.

20120625_eurusd_1

USDJPY Analysis.
USDJPY breaks above 80.61 resistance, suggesting that the downtrend from 84.17 (Mar 15 high) has completed at 77.66 already. Further rise is expected after a minor consolidation, and next target would be at 81.50 area. Support is at 80.00, followed by 79.50, as long as these levels hold, uptrend will continue.

20120625_usdjpy_1

AUDUSD Analysis.
AUDUSD breaks below the support of the lower line of the price channel on 4-hour chart, suggesting that the uptrend from 0.9581 has completed at 1.0223 already. Further decline could be seen over the next several days, and next target would be at 0.9900 area.

20120625_audusd_1

USDCAD Analysis.
USDCAD remains in downtrend from 1.0445, the price action from 1.0200 is likely consolidation of the downtrend. Further rise would likely be seen, and the target would be  1.0350 area. As long as 1.0445 key resistance holds, we’d expect downtrend to resume, and another fall towards 1.0000 is still possible after consolidation.

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