Daily Forex Analysis – January 3, 2011

EURUSD Analysis.
EURUSD’s bounce from 1.3055 extended to as high as 1.3423. Another rise to test 1.3497 resistance is still possible later today, a break above this level could indicate that the fall from 1.4281 has completed at 1.2969 already, then the following upward move could bring price towards 1.4281 previous high. However, as long as 1.3497 level holds, the price action from 1.2969 is treated as sideways consolidation, a break below 1.3250 could trigger another fall to 1.3000 area.

20110103_eurusd_1

AUDUSD Analysis.
AUDUSD stays above a uptrend line on 4-hour chart and remains in uptrend from 0.9830. As long as the trend line support holds, uptrend could be expected to continue and next target would be at 1.0300 area. Key support is at 1.0118, only break below this level could indicate the the rise from 0.9830 is complete.

20110103_audusd_1

USDCHF Analysis.
USDCHF remains in downward movement and the fall extended to as low as 0.9300 level. Downtrend is expected to continue and next target would be at 0.9200 area. Initial resistance is at 0.9400, only break above this level could indicate that consolidation of downtrend is underway.

20110103_usdchf_1

USDJPY Analysis.
USDJPY’s fall extended to as low as 80.93 level. Deeper decline to test 80.30 previous low support is expected in a couple of days. Resistance is at 81.85, only break above this level could indicate that a cycle bottom has been formed on 4-hour chart, then bounce to 82.50 area could be seen.

20110103_usdjpy_1

GBPUSD Analysis.
Being contained by 1.5296 (Sep 7 low) long term key support, GBPUSD bounced to as high as 1.5664. The price action from 1.5344 is treated as consolidation of downtrend from 1.5910, another fall to test 1.5296 support is still possible, a break below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete.

20110103_gbpusd_1

USDCAD Analysis.
USDCAD’s downward movement extended to as low as 0.9925 level. Resistance remains at the falling trend line on 4-hour chart, as long s the trend line resistance holds, downtrend is expected to continue and next target would be at 0.9850-0.9900 area.

20110103_usdcad_1

Comments are closed.