Daily Forex Analysis – March 2, 2010

EURUSD Analysis.
EURUSD continues to trade in range between 1.3443 and 1.3691. Another bounce to test 1.3691 resistance would more likely be seen later today, if this level gives way, further rally could be seen to 1.3800 area. Key support is at 1.3443, only fall below this level could indicate that the downtrend from 1.4579 has resumed, then next target would be at 1.3300 zone.


USDCHF Analysis.
USDCHF moved below the the rising price channel on 4-hour chart. Now the price action from 1.0898 is treated as consolidation of uptrend from 1.0132. Another fall towards 1.0608 support would more likely be seen in a couple of days. Resistance is at 1.0898, only break above this level will trigger another rally towards 1.1000 area.


GBPUSD Analysis.
GBPUSD dropped sharply to as low as 1.4784 level yesterday. The subsequent bounce is treated as consolidation of downtrend. Initial resistance is now at 1.5110 followed by the falling trend line from  1.5815 to 1.5575. As long as the trend line resistance holds, one more fall to 1.4600-1.4650 area is still possible.


USDCAD Analysis.
USDCAD continues its sharp drop from 1.0679. Deeper decline to test 1.0369 could be seen later today after minor consolidation. Resistance is now at 1.0465 followed by 1.0510, as long as these levels holds, downtrend could be expected to continue.


USDJPY Analysis.
Being contained by 88.57 support, USDJPY traded in a narrow range between 88.74 and 89.49. However, the price action in the trading range is treated as consolidation of downtrend from 92.14, one more fall towards 88.57 is still possible after consolidation, and a breakdown below this level will target 87.00 or even 84.82 (Nov 27, 2009 low).


AUDUSD Analysis.
AUDUSD is now in downtrend from 0.9070 and the bounce from 0.8801 is treated as correction of downtrend. Another fall to 0.8700-0.8750 area would more likely be seen in next several days. Resistance is at 0.9070, only rise above this level could signal another rally to 0.9300 area.


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