Daily Forex Analysis – February 24, 2010

EURUSD Analysis.
Being contained by the upper border of the falling price channel, EURUSD pulls back from 1.3691, suggesting that a short term cycle top is being formed on 4-hour chart. Another fall towards 1.3400 is expected, and a breakdown below 1.3443 could signal resumption of downtrend. Initial resistance is now at 1.3691, key resistance remains at 1.3838, only rise above this level will indicate that the downtrend from 1.4579 has completed at 1.3443 already, then further rally could be seen to 1.4000 or even 1.4500.


USDCHF Analysis.
Being support by the rising price channel on 4-hour chart, USDCHF bounces from 1.0715. A short term cycle bottom is being formed and another rise towards 1.1000 is expected. Support levels are 1.0715 and 1.0608, only fall below these levels could indicate that the uptrend from 1.0132 has completed at 1.0898 already, then the following pullback could take price back to 1.0500 zone.


USDCAD Analysis.
USDCAD breaks above 1.0529 resistance, suggesting lengthier consolidation of downtrend from 1.0779 is underway. Range trading between 1.0369 and 1.0625 is expected in next several days. However, next short term cycle top is nearing and one more fall to 1.0300 area is still possible after consolidation.


GBPUSD Analysis.
GBPUSD drops sharply from 1.5575 and reaches as low as 1.5393 level. Now the fall could possibly be resumption of downtrend from 1.6456. Deeper decline is expected to test 1.5350 support later today, a breakdown below this level will confirm that the downward movement has resumed, then next target would be at 1.5250 area.


USDJPY Analysis.
USDJPY drops sharply from 92.14 and breaks below the rising trend line on 4-hour chart. Consolidation  would more likely be seen after quick move and rebound is expected towards the trend line later today.


AUDUSD Analysis.
AUDUSD is forming a short term cycle top at 0.9070 level on 4-hour chart. Key support is located at 0.8678, a break below this level will confirm the cycle top, then the following pullback could take price back to 0.8750 area.


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