Daily Forex Analysis – March 23, 2010

EURUSD Analysis.
Being contained by 1.3435 previous low support, EURUSD bounces from 1.3463 level. Sideways movement above 1.3435 is expected before breaking below this level. Resistance is now at 1.3650, only rise above this level could indicate that lengthier consolidation in a range between 1.3435 and 1.3817 is underway.


USDCHF Analysis.
USDCHF stays in a falling price channel on 4-hour chart. As long as the channel resistance holds, another fall towards 1.0400 is still possible and a break below 1.0506 could signal resumption of downtrend. However, a clear break above the channel resistance could indicate that the fall from 1.0898 has completed at 1.0506 already, then the following uptrend could bring price to 1.0800-1.0900 area.


USDJPY Analysis.
USDJPY keeps on moving sideways in a range between 89.63 and 91.08 and the price action in the trading range is more likely consolidation of uptrend from 88.14, another rise to test 92.14 resistance is expected after consolidation. Key support is located at 89.63, only fall below this level could indicate that the bounce from 88.14 has completed at 91.08 already.


AUDUSD Analysis.
AUDUSD broke below 0.9095 support, suggesting that a cycle top has been formed at 0.9250 level on 4-hour chart, and the uptrend from 0.8801 has completed. Another fall towards 0.9000 area now in favor. Resistance is at 0.9250, only rise above this level could trigger another rally towards 0.9300.


GBPUSD Analysis.
GBPUSD formed a cycle top at 1.5382 level on 4-hour chart and the fall from 1.5382 is more likely resumption of long term downtrend from 1.6875 (Nov 16, 2009 high). Deeper decline to test 1.4784 previous low support is expected, below this level will trigger another fall towards 1.4500 area.


USDCAD Analysis.
USDCAD broke above the falling price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 1.0061 and the downtrend from 1.0679 has completed. Range trading between 1.0061 and 1.0320 is expected in next several days.


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