Daily Forex Analysis – March 21, 2011

GBPUSD Analysis.
GBPUSD’s bounce from 1.5977 extended to as high as 1.6253 level. Further rise is still possible later today, and next target would be at 1.6300 area. Key resistance is at 1.6343, above this level will indicate that the longer term uptrend from 1.5344 (Dec 28, 2010 low) has resumed, then next target would be at 1.6500 zone.


USDJPY Analysis.
USDJPY pulled back from 81.96 last week. Range trading between 79.80 and 81.96 would likely be seen in a couple of days. Key resistance is at 81.96, a break above this level will signal resumption of uptrend from 76.40, then next target would be at 83.00 zone.


USDCHF Analysis.
USDCHF remains in downtrend from 0.9368, the bounce from 0.8922 is treated as consolidation of downtrend. Resistance is at 91.50, as long as this level holds, downtrend could be expected to resume, and another fall towards 0.8700 is still possible after consolidation.


EURUSD Analysis.
EURUSD is in uptrend from 1.3752. Further rise would likely be seen later today, and next target would be at 1.4250 area. Resistance is at 1.4281 (Nov 4, 2010 high), minor consolidation would likely be seen before breaking above this level.


AUDUSD Analysis.
AUDUSD’s rise from 0.9704 extends to as high as 1.0011 level. Upward move is expected to continue in a couple of days, and next target would be at 1.0100 area. Support is at 0.9930, only break below this level will indicate that minor consolidation of uptrend is underway.


USDCAD Analysis.
USDCAD broke below 0.9807 support. Deeper decline would likely be seen later today, and target would be at 0.9700-0.9750 area. Resistance is at 0.9865 followed by 0.9890, only break above these levels could trigger another rise towards 1.0000.