Daily Forex Analysis – June 17, 2010

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.4346 and the falling from 1.4854 is treated as consolidation of uptrend. Support is now at the lower boundary of the rising price channel now at 1.4630. As long as the channel support holds, uptrend could be expected to continue and further rise to 1.4900-1.5000 area to reach next cycle top on 4-hour chart is possible. However, a clear break below the channel support will indicate that the rise from 1.4346 has completed at 1.4854 already, then another fall towards 1.4230 previous low could be seen.


EURUSD Analysis.
EURUSD remains in uptrend from 1.1876. Another rise to 1.2450-1.4500 area to reach next cycle top on 4-hour chart is still possible. Key support is now at 1.2168, a break below this level will indicate that a cycle top has been formed, then another drop could be seen to re-test 1.1876 previous low support.


USDJPY Analysis.
USDJPY stays in a trading range between 90.85 and 92.10. Another rise to 93.50-94.00 would more likely be seen, and a break above 92.10 could signal resumption of uptrend from 88.98. Support is at 90.85, only fall below this level could turn price back to 90.00 area.


USDCHF Analysis.
USDCHF’s fall from 1.1730 extends further to as low as 1.1249 level. Resistance remains at the falling trend line, now at 1.1450. As long as the trend line resistance holds, deeper decline is still possible and next target would be at 1.1200 area. However, a clear break above the trend line resistance will indicate that a cycle bottom is being formed on 4-hour chart, then rise to 1.1600 could be seen.


USDCAD Analysis.
USDCAD remains in downtrend from 1.0678. The price action in the trading range between 1.0224 and 1.0388 is more likely consolidation of downtrend. Deeper decline is still in favor and next target would be at 1.0150 area. Key resistance is at 1.0388, only rise above this level will indicate that a cycle bottom has been formed, and the fall from 1.0678 is complete, then rise towards the upper border of the price channel could be seen.


AUDUSD Analysis.
After touching 0.8666 resistance, AUDUSD pulled back from 0.8672 level. Sideways movement above 0.8505 would more likely be seen in a couple of days. As long as 0.8505 support holds, another rise to 0.8750-0.8800 is still possible. However, a breakdown below 0.8505 will indicate that the rise from 0.8080 is complete.


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