Daily Forex Analysis – June 23, 2009

GBPUSD Analysis.
Being contained by 1.6662 previous high resistance, GBPUSD consolidated in a narrow range between 1.6187 and 1.6618 for several days. Now the pair might be forming a short term cycle top at 1.6560 level on 4-hour chart. Pullback to test 1.6187 key support is in favor. A break down below this level will confirm the cycle top and signal deeper decline to 1.6000 zone. Key resistance is at 1.6662, above this level will suggest that the medium term uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level.


USDCAD Analysis.
USDCAD breaks above 1.1448 resistance, suggesting that the short term uptrend from 1.0784 has resumed. Further rally is now in favor and the next target would be at 1.1600-1.1650 area. Initial support is at 1.1480 followed by 1.1440, as long as these levels hold, we’d expect the uptrend to continue.


EURUSD Analysis.
EURUSD breaks below 1.3871 key support, suggesting that a short term cycle top has been form at 1.4011 level on 4-hour chart. Deeper decline to test 1.3748 previous low support is now in favor, below this level will signal further fall towards 1.3500-1.3600 area. Key resistance is now located at 1.4011, only rise above this level will indicate that the fall from 1.4338 has completed at 1.3748 already, then further rebound could be seen to 1.4200 zone.


USDCHF Analysis.
USDCHF failed to test 1.0761 support and rebounded from 1.0764 level. Further rally is possible to test 1.0986 key resistance, and a break above this level will take price to 1.1200 zone. Near term support is at 1.0761 and key support is located at 1.0650, only fall below 1.0650 level will indicate that the medium term downtrend from 1.1740 has resumed.


AUDUSD Analysis.
AUDUSD is testing 0.7827 support, below this level will signal deeper decline towards 0.7700 level. Near term resistance is at 0.7950, as long as this level holds, we’d expect the short term downtrend from 0.8118 to continue.


USDJPY Analysis.
USDJPY is testing 95.51 key support, a break down below this level will suggest that a short term cycle top has been formed at 97.18 level on 4-hour chart, and then deeper decline could be seen to 94.00-94.50 area.


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