Daily Forex Analysis – March 24, 2010

EURUSD Analysis.
Being contained by 1.3435 support, EURUSD formed a sideways consolidation in a narrow range. The sideways movement is more likely consolidation of downtrend from 1.3817, a breakdown below 1.3435 will indicate that the longer term downtrend from 1.5144 (Nov 25, 2009 high) has resumed, then another fall towards 1.3200 could be seen. Resistance is at 1.3650, only rise above this level could take price back to range trading between 1.3435 and 1.3817.

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USDCHF Analysis.
USDCHF stays in a falling price channel and remains in downward movement from 1.0898. As long as the channel resistance holds, one more fall towards 1.0400 is still possible, and a breakdown 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.

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USDJPY Analysis.
USDJPY continues its sideways movement in a range between 89.63 and 91.08. Another rise would more likely be seen after consolidation and target would be at 91.50-92.00 area. Key support is at 89.63, only fall below this level could indicate that the bounce from 88.14 has completed at 91.08 already.

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AUDUSD Analysis.
AUDUSD broke below the rising price channel on 4-hour chart and is now in downtrend from 0.9250 and the bounce from 0.9084 is more likely correction of downtrend. Another fall to 0.9000 area is expected. Resistance is at 0.9250, only rise above this level could trigger another rally towards 0.9300.

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GBPUSD Analysis.
No changed in our view, 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.

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USDCAD Analysis.
USDCAD formed a cycle bottom at 1.0061 level on 4-hour chart. Range trading between 1.0061 and 1.0320 would more likely be seen. However, the price action from 1.0061 is treated as consolidation of downtrend from 1.0779 (Feb 5 high), another fall towards 0.9900 is possible after consolidation.

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