Daily Forex Analysis – June 11, 2010

EURUSD Analysis.
EURUSD’s bounce from 1.1876 extends to as high as 1.2147 level. Further rally is still possible later today and target would be at the upper border of the falling price channel on 4-hour chart. As long as the channel resistance holds, the price action from 1.1876 is treated as consolidation of downtrend from 1.3817 (Mar 17 high), and another fall to 1.1800 is still possible. However, a clear break above the channel resistance will indicate that the fall form 1.3817 has completed at 1.1876 already.


USDJPY Analysis.
USDJPY may be forming a cycle bottom at 90.85 level on 4-hour chart. Key resistance is at 92.10, a break above this level will confirm the cycle bottom and indicate that the fall from 92.88 is complete, then another rise to 94.00 could be seen.


USDCHF Analysis.
USDCHF breaks below 1.1430 support and reaches as low as 1.1398. Deeper decline is still possible later today and next target would be at 1.1300-1.1350 area. Resistance levels are 1.1465 and 1.1510, above these levels could turn price back to 1.1600 area.


USDCAD Analysis.
USDCAD continues its downward movement and the fall from 1.0678 extends to 1.0287 level. Resistance is at 1.0380, as long as this level holds, downtrend could be expected to continue and another fall to 1.0200 could be seen.


GBPUSD Analysis.
GBPUSD is moving towards 1.4769 resistance. A break above this level will indicate that the uptrend from 1.4230 has resumed, then further rise could be seen to 1.4900 area. Support is at 1.4650, as long as this level holds, uptrend from 1.4346 will continue.


AUDUSD Analysis.
AUDUSD’s bounce from 0.8080 extends to as high as 0.8508. Further rise to test 0.8550 resistance is still possible later today, a break above this level will indicate that the downtrend from 0.9381 (Apr 12 high) has completed at 0.8066 already.


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