Daily Forex Analysis – March 11, 2009

USDJPY Analysis.
USDJPY continues to move sideways between 96.56 and 99.67. The price action in this range is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low). As long as 96.56 support holds, we’d expect the uptrend to resume, and one more rise towards 102.00 is still possible after consolidation. However, below 96.56 will indicate that the rise from 87.12 has completed at 99.67, and then the following downtrend will take price to 93.00 zone.


EURUSD Analysis.
EURUSD breaks above 1.2754 resistance. Further rise is still possible to test 1.2991 previous high resistance. Initial support is now at  1.2555, only fall below this level will indicate that the short term uptrend from 1.2456 has completed at 1.2822 level, and then deeper decline could be seen to 1.2400 zone.


USDCHF Analysis.
USDCHF’s short term downtrend extends further to as low as 1.1430 level. Deeper decline is now in favor and the next target would be at 1.1200 after consolidation. Initial resistance is now at 1.1681 followed by 1.1800, as long as 1.1800 level hods, downtrend will continue.


USDCAD Analysis.
USDCAD pulls back from 1.3063, suggesting that the pair is back to range trading between 1.2709 and 1.3063. However, the price action from 1.2973 is treated as consolidation of the uptrend from 1.2024, further rise to 1.3300 area is still possible after consolidation.


GBPUSD Analysis.
GBPUSD continues its short term downtrend from 1.4305 and the fall has extended further to as low as 1.3688 level. Deeper decline is still in favor and the next target would be at 1.3500 level. Initial resistance is now located at 1.3907, as long as this level holds, we’d expect the downtrend to continue.


AUDUSD Analysis.
AUDUSD stays in the range trading between 0.6284 and 0.6553. As long as 0.6553 resistance holds, we’d expect downtrend to resume and deeper decline would more likely be seen to 0.6100-50 area after consolidation. However, above 0.6553 resistance will indicate that the fall from 0.6849 has completed at 0.6284 level.


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