Daily Forex Analysis – June 15, 2010

EURUSD Analysis.
EURUSD’s bounce from 1.1876 extends to as high as 1.2297 level. Now the pair is facing the upper boundary of the price channel on 4-hour chart. Key support is now at 1.2100, as long as this level holds, one more rise to test the channel resistance is possible, a clear break above the channel resistance will suggest that the fall form 1.3817 (Mar 17 high) has completed at 1.1876 already. However, pullback would more likely be seen before breaking above the channel resistance, and a breakdown below 1.2100 key support will indicate that a cycle top has been formed and the bounce from 1.1876 has completed, then another fall towards 1.1800 could be seen.


GBPUSD Analysis.
GBPUSD breaks above 1.4769 resistance. Further rally is still possible later today, and next target would be at 1.4900-1.5000 area. Support is at the uptrend line from 1.4346 to 1.4504 now at 1.4574, only a clear break below the trend line support could turn price back towards 1.4230 previous low.


USDJPY Analysis.
USDJPY has formed a cycle bottom at 90.85 level on 4-hour chart. Another rise to 93.50-94.00 is expected in a couple of days. Support is at 90.85, only fall below this level could bring price back to 90.00 area.


USDCHF Analysis.
USDCHF stays below a falling trend line on 4-hour chart and remains in downtrend from 1.1730. another fall is still possible later today and target would be at 1.1200-1.1300 area. Resistance is at the trend line now at 1.1510, only a clear break above the trend line resistance could indicate that the fall from 1.1730 is complete.


USDCAD Analysis.
USDCAD’s fall from 1.0678 extends to as low as 1.0224. Deeper decline is still possible later today and next target would be at 1.0150 area. Resistance is now at 1.0388, only rise above this level will indicate that a cycle bottom has been formed, then rise towards the upper border of the price channel could be seen.


AUDUSD Analysis.
AUDUSD’s uptrend from 0.8080 extends to as high as 0.8666, the subsequent fall suggests that a cycle top is being formed on 4-hour chart. Consolidation in a range between 0.8400 and 0.8666 would more likely be seen in a couple of days. However, a break below 0.8520 is needed to confirm the cycle top.


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