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Daily Forex Analysis – June 26, 2012

USDCHF Analysis.
USDCHF breaks above 0.9600 resistance, and reaches as high as 0.9628, suggesting that the downtrend from 0.9769 has completed at 0.9421 already. The pair is now in uptrend from 0.9421, further rise could be expected, and next target would be at 0.9700 area. Support is at 0.9540, only break below this level will indicate that consolidation of the uptrend is underway, then pullback to 0.9500 level could be seen.

20120626_usdchf_1

GBPUSD Analysis.
GBPUSD breaks below the upward trend line on 4-hour chart, and is now in downtrend from 1.5776. Further decline would likely be seen and next target would be at 1.5450 area. Resistance is at 1.5635, as long as this level holds, the downtrend will continue.

20120626_gbpusd_1

EURUSD Analysis.
EURUSD breaks below 1.2500 key support and reaches as low as 1.2471, suggesting that the upward movement from 1.2288 has completed at 1.2747 already, and the pair is now in downtrend. Further decline could be expected, and next target would be at 1.2350 area. Resistance is at 1.2580, only break above this level will signal consolidation of the downtrend, then further rise to 1.2650 area could be seen.

20120626_eurusd_1

USDJPY Analysis.
USDJPY has formed a cycle top at 80.62 on 4-hour chart. Further decline would likely be seen in a couple of days, and the target would be at 79.00 area. However, the fall from 80.62 would possibly be consolidation of the uptrend from 77.66, as long as 79.00 support holds, another rise towards 83.00 is still possible.

20120626_usdjpy_1

AUDUSD Analysis.
AUDUSD breaks below the support of the lower line of the price channel on 4-hour chart, and is now in downtrend from 1.0223. Further decline could be expected and next target would be at 0.9900 area. Resistance is at 1.0075, as long as this level holds, downtrend will continue.

20120626_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.

20120626_usdcad_1

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