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Daily Forex Analysis – August 28, 2012

EURUSD Analysis.
EURUSD has formed a cycle top at 1.2589 on 4-hour chart. Deeper decline would likely be seen, and the target would be at the lower line of the price channel. As long as the the channel support holds, the fall from 1.2589 is treated as consolidation of the uptrend from 1.2241, and another rise towards 1.2800 is still possible. On the downside, a clear break below the trend line support will indicate that lengthier consolidation of the uptrend from 1.2042 is underway, then further fall to 1.2400 area to complete the consolidation could be seen.

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GBPUSD Analysis.
GBPUSD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend from 1.5490 could be expected to resume, and another rise to 1.6000 area is still possible. On the downside, a clear break below the trend line will indicate that the rise from 1.5490 had completed at 1.5911 already, then the following downward movement could bring price back to 1.5400-1.5500 area.

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AUDUSD Analysis.
AUDUSD continues its downward movement from 1.0612, and the fall extends to as low as 1.0344. Further decline could be expected in a couple of days, and next target would be at 1.0300 area. Initial resistance is at 1.0400, and the key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.

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USDCAD Analysis.
USDCAD remains in uptrend from 0.9842, the fall from 0.9948 is treated as consolidation of the uptrend. Another rise could be expected after consolidation, and the target would be at 1.0000 area. Support levels are at 0.9880 and 0.9842, only break below these levels could trigger another fall towards 0.9600.

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USDCHF Analysis.
USDCHF has formed a cycle bottom at 0.9538 on 4-hour chart. Further rise could be expected in a couple of days, and the target would be at the downward trend line. As long as the trend line resistance holds, the rise from 0.9538 could be treated as consolidation of the downtrend from 0.9971, and another fall towards 0.9400 is still possible.

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USDJPY Analysis.
No changed in our view, USDJPY remains in downtrend from 79.65, the rise from 78.30 is likely correction of the downtrend. Resistance is at 79.00, as long as this level holds, another fall to test 77.92 support could be expected, a breakdown below this level will target 77.00 zone.

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