Daily Forex Analysis – March 17, 2009

EURUSD Analysis.
EURUSD breaks above 1.2991 (Feb 23 high) medium term key resistance, suggesting that the fall from 1.4719 (Dec 18, 2008 high) has completed at 1.2456 level. Further rally is expected to 1.3200 in a couple of days. Near term support is now located at 1.2848, as long as this level holds, we’d expect the short term uptrend from 1.2456 to continue.


AUDUSD Analysis.
AUDUSD stays in the rising price channel and remains in short term uptrend. Further rally to 0.6650-0.6700 area to reach the next short term cycle top on 4-hour chart is possible later today and the next cycle top is nearing. Key support is at the lower border of the price channel, below the channel support will indicate that the rise from 0.6284 has completed and pullback to 0.6350 zone could be seen to follow.


GBPUSD Analysis.
GBPUSD’s rebound from 1.3654 extends to 1.4231 level. Further rise to test 1.4305 key resistance is expected in a couple of days. A break above this level will indicate that the fall from 1.4985 has completed at 1.3654 level already, and then the following uptrend could bring price to 1.4600 zone.


USDCHF Analysis.
USDCHF remains in short term uptrend from 1.1430. The pullback from 1.1963 is more likely consolidation of the uptrend. Further rise to 1.2100 level is still in favor after consolidation. Near term support is at 1.1800 and followed by 1.1750, as long as 1.1750 level holds, the uptrend will continue.


USDJPY Analysis.
USDJPY remains in range trading between 95.65 and 99.67. Further rebound to test 99.67 would more likely be seen in a couple of days and pullback is expected before breaking above this level. The price action from 99.67 is more likely consolidation of the medium term uptrend from 87.12 (Jan 21 low), further rise to 102.00 is still in favor after consolidation.


USDCAD Analysis.
USDCAD consolidates above 1.2624. Below this level will signal deeper decline to 1.2500 zone. As long as 1.2500 support holds, the price action from 1.3063 is treated as correction of the uptrend from 1.1761 (Jan 6 low), and rebound is expected before breaking below this level.


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