Daily Forex Analysis – May 28, 2010

EURUSD Analysis.
Being supported by 1.2144 previous low, EURUSD bounced from 1.2153, taking price back to a trading range between1.2144 and 1.2671. Lengthier sideways consolidation in the range is expected in next several days. As long as 1.2671 resistance holds, another fall to 1.1800 is still possible and a breakdown below 1.2144 could signal resumption of downtrend.


USDCHF Analysis.
USDCHF remains in uptrend from 1.0501 (Feb 14 low). The fall from 1.1695 is more likely correction of uptrend. Deeper decline is still possible later today and target would be at 1.1400 area. Another rise to 1.1800 is still possible after correction and a break above 1.1695 could signal resumption of uptrend.


USDCAD Analysis.
USDCAD breaks below 1.0533 key support, suggesting that a cycle top has been formed at 1.0852 level on 4-hour chart, and the uptrend from 1.0110 has completed at 1.0852 already. Deeper decline is still possible after a minor consolidation, and targets would be at 1.0400 followed by 1.0200.


AUDUSD Analysis.
AUDUSD’s bounce from 0.8066 extends to as high as 0.8532 level. Further rally is still possible later today and next target would be at 0.8650-0.8700 area. Support is now at 0.8420 followed by 0.8330, as long as these levels holds, uptrend from 0.8066 will continue.


GBPUSD Analysis.
GBPUSD broke above 1.4527 resistance. Further rally is now in favor and target would be at 1.4800 area. Support is now at 1.4400, as long as this level holds, uptrend from 1.4230 could be expected to continue.


USDJPY Analysis.
USDJPY’s bounce from 88.98 extends further to as high as 91.35 level, suggesting that the downtrend from 93.62 has completed. Another rise towards 94.98 previous high is now in favor. Supports are at 90.80 and 90.40.


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