Daily Forex Analysis – April 21, 2009

USDCAD Analysis.
USDCAD breaks above the mentioned key resistance at 1.2185 and moves sharply to as high as 1.2425 level, suggesting that a short term cycle bottom has been formed at 1.1981 level on 4-hour chart, and the fall from 1.3063 (Mar 9 high) has completed already. Further rally is now in favor, and the next target is at 1.2550 level. Initial support is at 1.2300 and followed by 1.2270.


AUDUSD Analysis.
AUDUSD breaks below 0.7032 support and drops sharply to as low as 0.6986 level, suggesting that the uptrend from 0.6284 (Mar 4 low) has completed at 0.7322 level already. Further fall is still in favor and next target would be at 0.6800-0.6850 area. Initial resistance is at 0.7050, as long as this level holds, we’d expect downtrend to continue.


GBPUSD Analysis.
GBPUSD breaks below 1.4585 support, suggesting that the uptrend from 1.3654 (Mar 11 low) has completed at 1.5066 level already. Further fall is still possible in a couple of days, and the next target would be at 1.4200-1.4250 zone. Initial resistance is at 1.4600 followed by 1.4675, as long as the pair stays below 1.4675 level, the short term downtrend from 1.5066 will continue.


USDJPY Analysis.
As expected, USDJPY breaks below 98.13 support, suggesting that a short term cycle top has been formed at 99.74 level on 4-hour chart. Deeper decline could be seen to 97.00-97.50 area. Key resistance is now at 99.74, above this level will indicate that the fall from 101.43 has completed.


EURUSD Analysis.
No changed in the short term outlook, EURUSD remains in short term downtrend from 1.3392. Further fall is still in favor, and the next target is at 1.2950 followed by 1.3000, as long as 1.3000 resistance holds, we’d expect the downtrend to continue.


USDCHF Analysis.
USDCHF remains in short term uptrend and the rise from 1.1303 extends to as high as 1.1740 level. Further rise is possible to 1.1800-1.1850 area in a couple of days. Initial support is at 1.1640 and followed by 1.1600, as long as 1.1600 level holds, uptrend will continue.


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