Daily Forex Analysis – June 24, 2010

EURUSD Analysis.
EURUSD broke below 1.2241 support, suggesting that a cycle top has been formed at 1.2466 level on 4-hour chart. However, the fall from 1.2466 extends to 1.2209 only, the subsequent bounce indicate that another cycle bottom is being formed. Range trading between 1.2209 and 1.2466 would more likely be seen in a couple of days. Support is now at 1.2209, below this level will confirm that the uptrend from 1.1876 has completed at 1.2466 already, then the following downward movement could bring price to  1.2050-1.2100 area. Key resistance is at 1.2466, above this level will signal resumption of uptrend from 1.1876, then next target would be at 1.2700 or even 1.2800.


GBPUSD Analysis.
GBPUSD continues its upward movement from 1.4346 and the rise extends to as high as 1.4992 level. Further rally is expected in a couple of days and next target would be at 1.5050-1.5100 area. Support is now at 1.4800, as long as this level holds, uptrend will continue.


AUDUSD Analysis.
AUDUSD might be forming a cycle bottom at 0.8660 level on 4-hour chart. Another rise to 0.8950-0.9000 area would more likely be seen. Support is now at 0.8660, only fall below this level could indicate that the rise from 0.8080 is complete.


USDJPY Analysis.
USDJPY formed a cycle top at 91.47 level on 4-hour chart and the fall from 91.47 extends to as low as 89.73 level. Initial resistance is at 90.15 followed by 90.50, as long as these levels hold, downtrend form 91.47 will continue.


USDCHF Analysis.
USDCHF trades in a narrow range between 1.1008 and 1.1137. The price action in the range is treated as consolidation of downtrend. Another fall to 1.0900 would more likely be seen later today. Resistance is at 1.1137, only rise above this level could indicate that lengthier consolidation of downtrend is underway.


USDCAD Analysis.
USDCAD broke above 1.0337 resistance and the bounce from 1.0138 extends to as high as 1.0458 level. The pair is facing the upper boundary of a falling price channel, pullback to 1.0250-1.0300 area would more likely be seen after touching the channel resistance.


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