Daily Forex Analysis – March 25, 2010

GBPUSD Analysis.
GBPUSD continues its downward movement from 1.5382 and the fall extended to as low as 1.4852 level. Deeper decline to test 1.4784 previous low support is expected later today. A breakdown below this level will indicate that the long term downtrend from 1.6875 (Nov 16, 2009 high) has resumed, then next target would be at 1.4500 area. Resistance is now at 1.5111, as long as this level holds, downtrend will continue.


EURUSD Analysis.
As expected, EURUSD broke below 1.3435 previous low and dropped to as low as 1.3305 level, suggesting that the long term downtrend from 1.5144 (Nov 25, 2009 high) has resumed. Deeper decline is now in favor and next target would be at 1.3200 area. Resistance is now located at the falling trend line, as long as the trend line resistance holds, downtrend will continue.


USDCHF Analysis.
USDCHF broke above the falling price channel on 4-hour chart, suggesting that the fall from 1.0898 has completed at 1.0506 already. Further rally is now in favor and target is to test 1.0898 previous high resistance. Support level is now at 1.0640 level.


USDJPY Analysis.
USDJPY broke above the trading range between 89.63 and 91.08, and reached as high as 92.39 level. Minor consolidation and sideways movement in a range between 91.50 and 92.50 would more likely be seen in a couple of days.


AUDUSD Analysis.
AUDUSD’s downtrend from 0.9250 extended further to as low as 0.9065 level. Another fall to 0.9000 is still possible later today. Resistance is at the falling trend line from 0.9250 to 0.9197, as long as the trend line resistance holds, downtrend will continue.


USDCAD Analysis.
USDCAD’s bounce from 1.0061 extended to as high as 1.0281 level. Further rally is still possible in a couple of days and next target would be at 1.0370 area. Support level is now located at 1.0151, only fall below this level may indicate that the bounce has completed.


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