Daily Forex Analysis – March 16, 2010

EURUSD Analysis.
EURUSD’s bounce extended to 1.3795 only. The following pullback suggests that a cycle top is being formed on 4-hour chart. Now the fall from 1.0154 could possibly be resumption of downtrend from 15144 (Nov 25, 2009 high), another fall to 1.3200-1.3300 area may be expected and a breakdown below 1.3530 could confirm such case. However, above 1.3795 will indicate that the pair remains in upward movement from 1.3435, then further rally could be seen to 1.3850 or even 1.3935.


USDJPY Analysis.
USDJPY remains in uptrend from 88.14, and the pullback from 91.08 is more likely consolidation of uptrend. Initial support is at the lower border of the rising price channel on 4-hour chart and key support is at 89.63, as long as this level holds, another rise to 91.50 area is still possible. Only fall below 89.63 level could indicate that the bounce from 88.14 has completed, then the following downward movement could bring price to 87.00 area.


GBPUSD Analysis.
After touching 1.5195 previous high, GBPUSD pulled back from 1.5217. However, further rally is still in favor and target would be at 1.5400 area. Key support is located at 1.4872, only fall below this level could trigger another fall towards 1.4500 area.


USDCAD Analysis.
USDCAD remains in downtrend from 1.0679 and the bounce from 1.0154 is more likely minor consolidation of downtrend. One more fall to 1.0100 is still possible after consolidation and a breakdown below 1.0154 will signal resumption of downtrend.


USDCHF Analysis.
USDCHF remains in downtrend from 1.0887, and the bounce from 1.0576 is more likely minor consolidation of downtrend. One more fall to 1.0450-1.0520 area is expected. Resistance is at 1.0650 followed by 1.0680, only rise above these levels could indicate that the fall from 1.0887 has completed.


AUDUSD Analysis.
AUDUSD breaks below 0.9110 support, suggesting that a cycle top is being formed at 0.9193 on 4-hour chart. Pullback towards 0.9025 area would more likely be seen in a couple of days. Resistance is now at 0.9193, only rise above this level could indicate that the pair remains in uptrend from 0.8801, then next target would be at 0.9250 area.


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