Daily Forex Analysis – March 13, 2009

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.4661 and the rise from 1.3654 is treated as correction of the downtrend. Near term resistance is located at 1.4100, as long as this level holds, we’d expect downtrend to resume, and one more fall to 1.3550 is still possible after correction. Only rise above 1.4100 will indicate that a short term cycle bottom has been formed at 1.3654 level on 4-hour chart and further rally could be seen to test 1.4305 resistance.


USDCHF Analysis.
USDCHF broke above 1.1681 key resistance and rebounded sharply to as high as 1.1963 level, suggesting that a short term cycle bottom has been formed at 1.1430 level on 4-hour chart. Further rally is now in favor and next target would be at 1.2100 zone.


USDJPY Analysis.
USDJPY broke below 96.56 support and rebounded sharply from 95.65 level. The price action from 99.67 is more likely consolidation of the medium uptrend from 87.12 (Jan 21 low). Sideways movement in a range between 94.85 and 99.67 is expected in a couple of weeks, as long as 94.85 support holds, we’d expect uptrend to resume and further rise towards 102.00 is still possible after consolidator.


EURUSD Analysis.
EURUSD stays above the rising trend line on 4-hour chart and remains in short term uptrend. Further rise to test 1.2991 is still possible later today, a break above this level will indicate that the fall from 1.4719 (Dec 18, 2008 high) has completed at 1.2456 level, and the following medium term uptrend will bring price to 1.4000 zone. Key support is now located at 1.2731, only fall below this level will signal reversal of the short term uptrend from.


USDCAD Analysis.
USDCAD is in range trading between 1.2709 and 1.3063. Pullback to test 1.2709 support would more likely be seen later today, a break below this level will indicate that the rise from 1.2024 has completed and then deeper decline is expected to 1.2500 zone.


AUDUSD Analysis.
AUDUSD breaks above 0.6553 resistance, suggesting that the fall from 0.6849 (Feb 9 high) has completed. Further rise is still possible to 0.6700 later today. Key support is now at 0.6410, below this level will indicate that the rise from 0.6284 has completed, and the following pullback could be seen to retest 0.6284 level.


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