Daily Forex Analysis – July 23, 2010

EURUSD Analysis.
After touching the lower boundary of the rising price channel on 4-hour chart, EURUSD bounce from 1.2732. Now the rise from 1.2732 could possibly be resumption of uptrend from 1.2150. Another rise to 1.3200 area would more likely be seen in a couple of days. Key support is at 1.2732, only fall below this level could trigger another fall to 1.2600 zone.


USDCAD Analysis.
USDCAD is forming a triangle pattern on daily chart. We are waiting for a break of the pattern to recognize the direction of the trend. Resistance is at the upper boundary of the pattern, now at 1.0600, a clear break above this level will indicate that the uptrend form 0.9930 has resumed, then another rise towards 1.0852 (May 25 high) could be seen. Support is located at the lower boundary of the pattern, now at 1.0330, a clear below this level could bring price towards 1.0000 area.



USDJPY Analysis.
USDJPY failed to break below 86.26 previous low and bounce from 86.34 level. Lengthier consolidation of downtrend would more likely be seen later today, and further rally to 87.70 is expected. Key support is at 86.26, below this level will indicate that the downtrend from 89.15 has resumed, then another fall towards 84.82 (2009 low) could be seen.


GBPUSD Analysis.
GBPUSD is forming a cycle bottom at 1.5124 level on 4-hour chart, key resistance is at 1.5334, a break above this level will confirm the cycle bottom and indicate that the fall from 1.5471 is complete, then another rise towards 1.5522 (Apr 15 high) resistance could be seen.


USDCHF Analysis.
USDCHF’s downtrend from 1.1730 (Jun 1 high) extends to as low as 1.0394 level. Further fall to 1.0300 area is still possible in a couple of days. Resistance is at the falling trend line on 4-hour chart, as long as trend line resistance holds, downtrend will continue.


AUDUSD Analysis.
AUDUSD broke above 0.8870 resistance, suggesting that the uptrend from 0.8315 has resumed. Further rally is still possible later today and next target would be at 0.9000-0.9050 area. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.


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