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Daily Forex Analysis – August 31, 2012

EURUSD Analysis.
EURUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that lengthier consolidation in the range between 1.2465 and 1.2589 is underway. Key support is at 1.2465, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.2241, and another rise towards 1.2700 is still possible. On the downside, a breakdown below 1.2465 could signal completion of the uptrend from 1.2241, then further decline to 1.2400 area could be seen.

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GBPUSD Analysis.
GBPUSD breaks below the upward trend line on 4-hour chart and is now facing the 1.5753 key support, a breakdown below this level will indicate that the uptrend from 1.5490 has completed at 1.5911 already, then further decline to 1.5400-1.5500 area is possible. On the upside, as long as 1.5753 support holds, the price action from 1.5911 could be treated as consolidation of the uptrend, and one more rise to 1.6000 area could be seen.

20120831_gbpusd_1

AUDUSD Analysis.
AUDUSD’s downward movement from 1.0543 extends to as low as 1.0276. Deeper decline is still possible after a minor consolidation, and next target would be at 1.0200 area. Resistance levels are at 1.0355 and 1.0400, as long as these levels hold, the downtrend from 1.0543 will continue.

20120831_audusd_1

USDCAD Analysis.
USDCAD is facing 0.9948 resistance, a break above this level will target 1.0000 area. For longer term analysis, the rise from 0.9842 is likely consolidation of the downtrend from 1.0445, another fall towards 0.9600 could be expected after consolidation.

20120831_usdcad_1

USDCHF Analysis.
USDCHF continues its sideways movement in a range between 0.9538 and 0.9634, as long as 0.9634 resistance holds, the price action in the range is treated as consolidation of the downtrend from 0.9809, and another fall to 0.9400 is still possible.

20120831_usdchf_1

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.

20120831_usdjpy_1

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