Daily Forex Analysis – March 8, 2010

EURUSD Analysis.
EURUSD is forming a sideways movement in a range between 1.3435 and 1.3838. Another rise towards 1.3838 is expected later today. As long as this level holds, the price action in the trading range is treated as consolidation of downtrend from 1.4579 and one more fall to 1.3300 is still possible after consolidation. However, a break above 1.3838 resistance will indicate that the fall from 1.4579 has completed at 1.3435 already.


GBPUSD Analysis.
GBPUSD broke above the falling trend line from 1.5815 to 1.5575 last week, suggesting that lengthier consolidation of downtrend is underway. Further rally is still possible to 1.5300 area later today. However next short term cycle top is nearing, another fall to 1.5200-1.5300 area is expected after consolidation, and a breakdown below 1.4992 could signal resumption of downtrend.


USDCHF Analysis.
USDCHF is in range trading between 1.0608 and 1.0898. Another fall to test 1.0608 key support is expected in a couple of days. As long as this level holds, the price action in the trading range is treated as consolidation of uptrend and one more rise to 1.1000 is possible after consolidation. However, a breakdown below 1.0608 could indicate that the rise from 1.0132 has completed at 1.0898 already.


USDCAD Analysis.
USDCAD remains in downtrend from 1.0679. Deeper decline towards 1.0224 (Jan 14 low) is still possible later today. However, next short term cycle bottom is nearing and bounce would more likely be seen before breaking below 1.0224 level.


USDJPY Analysis.
USDJPY bounced sharply from 88.14, suggesting that a short term cycle bottom had been formed on 4-hour chart. However, the bounce is more likely correction of longer term downtrend from 99.75 (Jan 7 high), as long as the resistance of the falling trend line from 99.75 to 92.14 holds, another fall towards 87.00 area is still possible.


AUDUSD Analysis.
AUDUSD is now in uptrend from 0.8801. Further rally is possible later today and next target would be at 92.00-92.50 area. Support is now at 0.8978, as long as this level holds, uptrend could be expected to continue.


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