Daily Forex Analysis – January 15, 2010

USDCHF Analysis.
USDCHF broke above 1.0218 key resistance and formed a short term cycle bottom at 1.0132 level on 4-hour chart. Rise towards the upper border of the falling price channel is expected later today, and a clear break above the channel resistance will indicate that the downtrend from 1.0507 has completed, then another rise to 1.0800 could be seen. As long as the channel resistance holds, the price action from 1.0132 is treated as consolidation of downtrend and one more fall below 1.0132 is still possible after consolidation.


USDCAD Analysis.
As expected, USDCAD breaks below 1.0251 and reaches as low as 1.0224. Deeper decline to test 1.0206 (Oct 15 low) support is expected later today. Resistance is now at 1.0270, as long as this level holds, downtrend from 1.0413 will continue.


AUDUSD Analysis.
AUDUSD has reaches the resistance area around 0.9325, a clear break above this area will indicate that the uptrend from 0.8734 has resumed, then further rally could be seen to re-test 0.9404 (Nov 16, 2009 high) resistance. Key support is located at 0.9123, only fall below this level will indicate that the uptrend from 0.8734 has completed, then deeper decline could be seen to 0.9000 or even 0.8850.


EURUSD Analysis.
EURUSD broke below 1.4454 key support, suggesting that a short term cycle top has been formed at 1.4579 level on 4-hour chart. Pullback towards the bottom of the price channel on 4-hour chart is expected in a couple of days. Resistance is at 1.4579, only rise above this level will indicate that the uptrend from 1.4218 has resumed, then next target would be at 1.4600-1.4650 area.


USDJPY Analysis.
USDJPY pulls back to the bottom of the rising price channel on 4-hour chart. If the channel support gives way, deeper decline could be seen to 89.50 area. Key resistance is now located at 92.04, a break above this level will indicate that the uptrend from 84.82 has resumed, then the following uptrend could bring price to 95.00 area.


GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5896. Further rally is expected to 1.6400-1.6450 area in a couple of days. Support level is now at 1.6245, as long as this level holds, uptrend will continue, however, below this level could take price back to 1.6150 area.


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