Daily Forex Analysis – March 26, 2013

USDCHF Analysis.
USDCHF remains in downtrend from 0.9567, the price action from 0.9379 is likely consolidation of the downtrend. As long as 0.9567 key resistance holds, the downtrend could be expected to resume, and another fall towards 0.9200 is still possible. On the upside, a break above 0.9567 will indicate that the longer term uptrend from 0.9021 (Feb 1, low) has resumed, then the following upward movement could bring price to 0.9750 area.


EURUSD Analysis.
EURUSD failed to break above the downward trend line on 4-hour chart, and continues its downward movement from 1.3711, and the fall extends to as low as 1.2830. Further decline is still possible, and next target would be at 1.2700 area. Key resistance remains at the trend line, only a clear break above the trend line resistance could signal completion of the downtrend.


USDJPY Analysis.
USDJPY’s fall from 96.70 extends to as low as 93.53. Deeper decline is still possible and the target would be at 92.00 – 93.00 area. Resistance is at 95.55, only break above this level could trigger another rise towards 100.00.


USDCAD Analysis.
USDCAD is in consolidation of the uptrend from 0.9815 (Jan 11 low). Key support is located at 1.0180, as long as this level holds, another rise to test 1.0341 previous high resistance could be expected, a break above this level could signal resumption of the uptrend. On the downside, a breakdown below 1.0180 will indicate that the uptrend from 0.9815 had completed at 1.0341 already, then the following downward move could bring price to 0.9500 zone.


AUDUSD Analysis.
AUDUSD’s upward movement from 1.0115 extends to as high as 1.0479. Further rise could be expected after a minor consolidation, and next target would be at 0.9550 area. Support is at 1.0400, only break below this level could signal completion of the uptrend.


GBPUSD Analysis.
GBPUSD remains in uptrend from 1.4831, the fall from 1.5260 is likely consolidation of the uptrend. Support is at the lower line of the price channel on 4-hour chart, as long as the trend line support holds, we’d expect the uptrend to resume, and another rise to 1.5300 area is still possible, only a clear break below the channel support could signal completion of the uptrend.