Daily Forex Analysis – June 9, 2010

USDCHF Analysis.
USDCHF stays in a trading range between 1.1430 and 1.1730. Lengthier consolidation in the range would more likely be seen in a couple of days. As long as 1.1430 support holds, the price action in the range is treated as consolidation of uptrend form 1.0434 (Apr 1 low), another rise to 1.1900 is still possible after consolidation and a break above 1.1730 could signal resumption of uptrend. However, a break below 1.1430 will indicate that the uptrend from 1.0434 has completed at 1.1730 already, then deeper decline could be seen to 1.1200-1.1300 area.


USDCAD Analysis.
USDCAD broke below 1.0515 support, suggesting that a cycle top has been formed at 1.0678 level on 4-hour chart. Deeper decline is now in favor and target would be at 1.0100 area. Initial resistance is at 1.0525 followed by 1.0580.


GBPUSD Analysis.
GBPUSD runs in a falling price channel on 4-hour chart. As long as the channel resistance holds, downtrend could be expected to continue and deeper decline towards 1.4230 previous low is expected, a break below this level will target 1.4000 area. Key resistance is at 1.4561, only rise above this level will trigger another rise to1.4900 area.


AUDUSD Analysis.
Being supported by 0.8066 previous low, AUDUSD bounced from 0.8080, suggesting that a cycle bottom is being formed on 4-hour chart. Consolidation in a range between 0.8066 and 0.8400 would more likely be seen in a couple of days.


EURUSD Analysis.
EURUSD remains in downtrend from 1.2671 and the bounce from 1.1876 is treated as consolidation of downtrend. Another fall to 1.1750-1.1800 area is expected after consolidation. Initial resistance is at 1.2010 and key resistance is at 1.2200.


USDJPY Analysis.
No changed in our view, USDJPY remains in uptrend from 88.98. The fall from 92.88 is more likely correction of uptrend. As long as 90.53 key support holds, another rise towards 94.98 is still possible and a break of 92.88 could signal resumption of uptrend, only fall below 90.53 support will indicate that the bounce from 88.98 is complete.


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