Daily Forex Analysis – June 21, 2010

GBPUSD Analysis.
GBPUSD stays in a rising price channel and remains in uptrend from 1.4346. The fall from 1.4885 is more likely consolidation of uptrend. As long as the channel support (now at 1.4700) holds, uptrend will continue. However, a clear break below the channel support will indicate that a cycle top has been formed on 4-hour chart and the rise from 1.4346 has completed, then deeper decline could be seen to 1.4400-1.4450 area.


AUDUSD Analysis.
AUDUSD’s uptrend extends to as high as 0.8817. Further rally is still possible after a minor consolidation and next target would be at 0.8850-0.8900 area. Support is at 0.8685 followed by 0.8625, as long as these levels hold, uptrend could be expected to continue.


EURUSD Analysis.
EURUSD remains in uptrend from 1.1876. As long as 1.2241 key support holds, another rise to 1.2550 is still possible after a minor consolidation. However, a breakdown below 1.2241 will indicate that the rise from 1.1876 has completed, then pullback to 1.2050 area could be seen.


USDJPY Analysis.
USDJPY stays in a falling price channel on 4-hour chart and remains in downtrend from 92.10. As long as the channel resistance (now at 91.15) holds, deeper decline is still possible and next target would be at 89.50-90.00 area. Only a clear break above the channel resistance could turn price back to 93.50-94.00 area.


USDCHF Analysis.
USDCHF continues its downward movement from 1.1730 and the fall extends further to as low as 1.1025 level. Minor consolidation would more likely be seen in a couple of days and range trading between 1.1025 and 1.1250 is expected. Key resistance is now at 1.1250, as long as this level holds, another fall is still possible after consolidation and a break below 1.1025 could signal resumption of downtrend.


USDCAD Analysis.
USDCAD’s downtrend from 1.0678 extends to as low as 1.0162 level. Further fall is still in favor and next target would be at 1.0100-1.0150 area. Key resistance is now at 1.0337, only rise above this level will indicate that the fall from 1.0678 has completed.


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