Daily Forex Analysis – March 31, 2010

EURUSD Analysis.
EURUSD might be forming a cycle top at 1.3537 level on 4-hour chart. The fall from 1.3537 could possibly be resumption of downtrend from 1.3817, another fall towards 1.3000 is possible in next several days. Resistance is now at 1.3537, only rise above this level could signal another rally to 1.3700 or even 1.3800.


AUDUSD Analysis.
Being contained by 0.9250 resistance, AUDUSD pulled back from 0.9215, suggesting that a cycle top is being formed on 4-hour chart. However, the fall is more likely consolidation of uptrend from 0.9001, one more rise towards 0.9300 is still possible after consolidation.


GBPUSD Analysis.
GBPUSD’s bounce from 1.4798 extends to as high as 1.5125 level. Further rise is still possible later today and next target would be at 1.5150-1.5200 area. Initial support is now at 1.5025, below this level may indicate that a cycle top is being formed on 4-hour chart, then pullback to 1.4900 could be seen.


USDJPY Analysis.
USDJPY broke above 92.95 resistance, suggesting that the uptrend from 89.76 has resumed. Further rally is expected in a couple of days, and next target is to test 93.75 January high. Key support is now at 92.12, only fall below this level could indicate that the rise from 89.76 has completed.


USDCHF Analysis.
USDCHF might be forming a cycle bottom at 1.0587 level on 4-hour chart. Another rise to 1.0850 is expected in a couple of days. Support is now at 1.0587, if gives way, one more fall towards 1.0506 previous low could be seen.


USDCAD Analysis.
USDCAD has formed a cycle top at 1.0302 level on 4-hour chart. Deeper decline towards 1.0061 is expected in a couple of days. A break bellow this level will indicate that the downtrend from 1.0779 has resumed, then another fall 0.9900 could be seen.


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