Daily Forex Analysis – July 12, 2010

GBPUSD Analysis.
GBPUSD has reached the lower boundary of the rising price channel on 4-hour chart. As long as the channel support holds, the fall from 1.5240 is treated as consolidation of uptrend from 1.4346, and another rise to 1.5400 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline towards 1.4873 key support could be seen.

20100712_gbpusd_1

EURUSD Analysis.
Being contained by the upper boundary of the rising price channel on 4-hour chart, EURUSD pulled back from 1.2722 level. Range trading between 1.2553 and 1.2722 would more likely be seen later today. As long as 1.2553 key support holds, the fall from 1.2722 is treated as consolidation of uptrend, one more rise to 1.2800 is still possible.

20100712_eurusd_1

USDCHF Analysis.
USDCHF broke above the upper border of the falling price channel on 4-hour chart last week. Consolidation in a range between 1.0480 and 1.0695 would more likely be seen in a couple of days. As long as 1.0695 resistance holds, another fall towards 1.0400 is still possible.

20100712_usdchf_1

USDCAD Analysis.
USDCAD continues its downward movement from 1.0676 and the fall extends to as low as 1.0295 level. Deeper decline is still possible later today and next target would be at 1.0200 area. Resistance is now at 1.0410, as long as this level holds, downtrend will continue.

20100712_usdcad_1

AUDUSD Analysis.
AUDUSD remain in uptrend from 0.8315. Further rally is still possible and target would be at 0.9000 area. Support is at the uptrend line on 4-hour chart, now at 0.8676, only a clear break below the trend line support could indicate that the rise from 0.8315 is complete.

20100712_audusd_1

USDJPY Analysis.
USDJPY breaks above the falling price channel on 4-hour chart, suggesting that the fall from 92.88 has completed at 86.96 already. Further rally is still possible in a couple of days and target would be at 90.00 area.

20100712_usdjpy_1

For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!