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Daily Forex Analysis – July 23, 2012

AUDUSD Analysis.
After touching the upper border of the price channel on 4-hour chart, AUDUSD pulled back from 1.0443, suggesting that a cycle top had been formed. Further decline would likely be seen over the next several days, and the target would be at the lower line of the channel. However, the fall from 1.0443 would possibly be consolidation of the uptrend from 9581 (Jun 1 low), as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.0700 is still possible after consolidation.

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USDCHF Analysis.
Being supported by the lower border of the price channel on 4-hour chart, USDCHF rebounded from 0.9747, suggesting that a cycle bottom had been formed. Further rise could be seen in a couple of days, and next target would be at 1.0000. Key support is now at 0.9747, only break below this level could signal completion of the uptrend from 0.9421.

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USDJPY Analysis.
USDJPY remains in downtrend from 80.09. Further decline could be expected in a couple of days, and next target would be at 78.00 area. Resistance levels are at 78.80 and 79.00, as long as these levels hold, the downtrend will continue.

20120723_usdjpy_1

GBPUSD Analysis.
GBPUSD failed to break above 1.5776 resistance and pulled back from 1.5735, suggesting that a cycle top had been formed on 4-hour chart. Further decline would be expected in a couple of days, and next target would be at 1.5500 area. Resistance is at 1.5735, only break above this level could trigger another rise towards 1.6000.

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EURUSD Analysis.
EURUSD failed to break above the upper line of the price channel on 4-hour chart, and continues its downward movement from 1.2747. Further decline could be expected over the next several days, and next target would be at 1.2000 area. Key resistance is now at 1.2321, only break above this level could signal completion of the downtrend.

20120723_eurusd_1

USDCAD Analysis.
USDCAD has formed a cycle bottom at 1.0065 on 4-hour chart. Further rise to 1.0200 would likely be seen over the next several days. However, the rise is treated as consolidation of the downtrend from 1.0445, another fall towards 1.0000 is still possible after consolidation.

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