Daily Forex Analysis – June 10, 2010

USDJPY Analysis.
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 92.10 could signal resumption of uptrend, only fall below 90.53 support will indicate that the bounce from 88.98 is complete.


USDCHF Analysis.
USDCHF breaks below 1.1430 support, suggesting lengthier consolidation of uptrend is underway. Another fall to 1.1200-1.1300 area is expected in a couple of days. Resistance is at 1.1565 followed by 1.1650.


USDCAD Analysis.
USDCAD’s fall from 1.0678 extends to as low as 1.0364 level. Another fall to test 1.0333 is expected after a minor consolidation, a breakdown below this level could bring price to 1.0100 area. Resistance is at 1.0480 followed by 1.0520.


GBPUSD Analysis.
GBPUSD breaks above 1.4561 key resistance, suggesting that the fall from 1.4769 has completed at 1.4346 already. Another rise towards 1.4769 previous high would more likely be seen. Support is at 1.4346, only fall below this level could trigger another fall to 1.4000 area.


AUDUSD Analysis.
AUDUSD’s bounce from 0.8080 extends to as high as 0.8357. Further rally is still possible later today and next target would be at 0.8400-0.8450 area. Initial support is at 0.8250 followed by 0.8190, only fall below these levels could turn price back towards 0.8066 previous low.


EURUSD Analysis.
No changed in our view, 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. Resistance is at the falling trend line from 1.2671 to 1.2326, now at 1.2150, only a clear break above the trend line resistance could bring price back to 1.2300 area.


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