Daily Forex Analysis – March 4, 2010

USDCHF Analysis.
USDCHF’s fall from 1.0887 extends to as low as 1.0648. Deeper decline is expected later today and target is to test 1.0608 key support, a breakdown below this level could indicate that the uptrend from 1.0132 has completed at 1.0898 already. However, as long as 1.0608 support holds, the price action from 1.0898 is treated as consolidation of uptrend, another rise is still possible to 1.1000 area.


EURUSD Analysis.
EURUSD breaks above 1.3691 resistance and reaches as high as 1.3735 level, suggesting that a short term cycle bottom has been formed at 1.3435 on 4-hour chart. Further rally is expected and next target would be at 1.3750-1.3800 area. However, the price action from 1.3435 is treated as correction of downtrend from 1.4579, as long as 1.3838 resistance holds, one more fall to 1.3300 is still possible.


GBPUSD Analysis.
GBPUSD stays below a falling trend line from 1.5815 to 1.5575 and remains in downtrend from 1.5815. As long as the trend line resistance holds, one more fall to 1.4600-1.4650 area is still possible. However, a clear break above the trend line resistance will suggest that the fall from 1.5815 has completed at 1.4784 already, then the follow uptrend could take price to 1.5200-1.5300 area.


USDCAD Analysis.
USDCAD continues its downward movement and the fall extends further to as low as 1.0274 level. Resistance is now located at 1.0366, as long as this level holds, we’d expect downtrend to continue and deeper decline is expected towards 1.0224 (Jan 14 low).


USDJPY Analysis.
USDJPY remains in downtrend from 92.14. Deeper decline is still possible later today, and next target would be at 87.50-88.00 area. Resistance is at 89.49, only rise above this level could indicate that the fall from 92.14 has completed.


AUDUSD Analysis.
AUDUSD breaks above 0.9070 previous high resistance, suggesting that the uptrend from 0.8577 has resumed. Another rise towards 0.9200 is expected in next several days. Initial support is at 0.9005 and key support is at 0.8955, below these levels will bring price back to 0.8850 zone.


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