Daily Forex Analysis – June 3, 2010

GBPUSD Analysis.
GBPUSD runs in a rising price channel on 4-hour chart. As long as the support of the lower boundary of the price channel holds, uptrend could be expected to continue and one more rise to 1.4800-1.4850 area is still possible. Key support is at 1.4427, only fall below this level could indicate that the bounce from 1.4230 has completed.


AUDUSD Analysis.
AUDUSD formed a cycle top at 0.8550 level on 4-hour chart. Another fall to 0.8150 area is still possible. Resistance is at 0.8550, above this level will indicate that the downtrend from 0.9381 (Apr 12 high) has completed at 0.8066 already.


EURUSD Analysis.
EURUSD stays below a falling trend line from 1.2671 to 1.2452. Deeper decline is still possible and target would be at 1.1900 area. Resistance is at the falling trend line, now at 1.2295, a clear break above the trend line resistance could indicate that lengthier consolidation in a trading range between 1.2111 and 1.2452 is underway.


USDCHF Analysis.
USDCHF stayed in a trading range between 1.1449 and 1.1730 for several days. As long as 1.1449 support holds, another rise to 1.1900 is still possible. However, a breakdown below 1.1449 support will indicate that the upward movement from 1.0501 (Apr 14 low) has completed at 1.1730 already. Then deeper decline could be seen to 1.1300 area.


USDCAD Analysis.
USDCAD breaks below 1.0413 support, suggesting that the downtrend from 1.0852 has resumed. Further fall could be expected in a couple of days and target would be at the lower border of the rising price channel on 4-hour chart.


USDJPY Analysis.
USDJPY continues its upward movement from 88.98 and reaches as high as 92.35 level. Support is now at the rising trend line on 4-hour chart, as long as the trend line support holds, further rally is still possible after a minor consolidation, and next target would be at 93.00 area.


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