Daily Forex Analysis – July 13, 2010

GBPUSD Analysis.
GBPUSD broke below the rising price channel on 4-hour chart and reached as low as 1.4948 level, suggesting lengthier consolidation of uptrend from 1.4346 is underway. Rang trading between 1.4873 and 1.5240 is expected in a couple of days. As long as 1.4873 support holds, price action from 1.5240 is treated as consolidation of uptrend and one more rise towards 1.5522 (Apr 15 high) is still possible.


EURUSD Analysis.
EURUSD remains in uptrend from 1.2150 and the fall from 1.2722 is more likely consolidation of uptrend. As long as 1.2480 key support holds, another rise to 1.2800 is still possible after consolidation. Only fall below 1.2480 will suggest that the rise from 1.2150 has completed at 1.2722 already, then the following downward movement could bring price to the lower boundary of the price channel on 4-hour chart.


USDCHF Analysis.
USDCHF remains in downtrend from 1.1730 and the bounce from 1.0480 is more likely consolidation of downtrend. Rang trading between 1.0480 and 1.0695 is expected in a couple of days.


USDCAD Analysis.
USDCAD remains in downtrend from 1.0676 and the bounce from 1.0295 is treated as consolidation of downtrend. Resistance is at 1.0385 followed by 1.0420, as long as these levels hold, another fall to 1.0200 is still possible.


AUDUSD Analysis.
Unchanged in the short term outlook, AUDUSD remain in uptrend from 0.8315. Further rally is still possible and target would be at 0.9000 area. Support is at 0.8685 followed by 0.8625, only fall below these levels could indicate that the rise from 0.8315 is complete.


USDJPY Analysis.
USDJPY’s bounce from 86.96 extended to as high as 89.15. Further rally is still possible later today and next target would be at 89.50-90.00 area. Key support is now at 88.00, only fall below this level will indicate that the rise from 86.96 is complete, then another fall towards 84.82 (2009 low) could be seen.


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