Daily Forex Analysis – July 8, 2010

EURUSD Analysis.
EURUSD’s uptrend from 1.2150 extends further to as high as 1.2667 level. As long as 1.2480 key support holds, uptrend is expected to continue and next target would be at 1.2750-1.2800 area. On the other side, the pair is facing the upper boundary of a rising price channel on 4-hour chart, pullback to the lower boundary of the channel is still possible, however, a break below 1.2480 support is needed to confirm such case.


USDCHF Analysis.
USDCHF stays in a falling price channel on 4-hour chart and remains in downtrend from 1.1730. As long as the channel resistance (now at 1.0580) holds, downtrend is expected to continue, and next target would be at 1.0400 area. On the upside, only a clear break above the channel resistance could turn price back to 1.0600 area.


USDCAD Analysis.
USDCAD continues its downward movement from 1.0676, suggesting that a cycle top has been formed at 1.0676 level on 4-hour chart, and the uptrend from 1.0138 is complete. Key resistance is now at 1.0605, as long as this level holds, downtrend is expected to continue and next target would be at 1.0350-1.0400 area, only rise above 1.0605 resistance could indicate that the uptrend from 1.0138 has resumed, then further rally could be seen to 1.0750-1.0800 area.


GBPUSD Analysis.
GBPUSD traded in a narrow range between 1.5080 and 1.5230 for several days. Support is at the lower border of the price channel on 4-hour chart (now at 1.5000), as long as the channel support holds, the price action in the range is treated as consolidation of uptrend, another rise to 1.5400 is still possible. Key support is at 1.4873, only fall below these levels could indicate that the upward movement is complete.


AUDUSD Analysis.
AUDUSD is now in uptrend from 0.8315. Further rally is in favor and target is at 0.8858 previous high. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.


USDJPY Analysis.
USDJPY failed to break below 86.96 previous low and rebounded from 87.02. Another rise towards 89.00 would more likely be seen in a couple of days, key resistance is at 88.20, a break above this level will confirm such case.


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