Daily Forex Analysis – June 10, 2011

USDJPY Analysis.
Being contained by 79.58 support, USDJPY rebounded from 79.69, suggesting that a cycle bottom is being formed on 4-hour chart. Further rally would likely be seen later today, and target would be at the upper border of the price channel. As long as the channel resistance holds, downtrend could be expected to resume, and another fall towards 78.00 is possible. Only a clear break above the channel resistance could indicate that the fall from 82.22 had completed at 79.69 already, then the following upward move could bring price back to 81.50-82.00 area.


AUDUSD Analysis.
AUDUSD broke below 1.0587 key support, suggesting that the rise from 1.0440 had completed at 1.0773 already. Deeper decline towards 1.0440 previous low would likely be seen after a minor consolidation. Key resistance is at 1.0773, only break above this level could trigger another rise towards 1.1011.


EURUSD Analysis.
EURUSD broke below 1.4557 key support, suggesting that a cycle top had been formed at 1.4696 on 4-hour chart, and the rise from 1.3969 had completed. Deeper decline would likely be seen later today, and next target would be at 1.4350 area. Key resistance is now at 1.4696, only break above this level could trigger another rise towards 1.4939 previous high.


USDCAD Analysis.
USDCAD is now facing the support of the uptrend line from 0.9513 to 0.9655. As long as the trend line support holds, we’d expect uptrend to resume, and another rise towards 1.0000 is still possible. However, a clear break below the trend line support will indicate that lengthier consolidation of uptrend is underway, then the pair will find support at 0.9650 area.


GBPUSD Analysis.
GBPUSD is forming a sideways consolidation in a range between 1.6286 and 1.6546. As long as 1.6286 support holds, one more rise towards 1.6745 previous high is still possible, only break below 1.6286 could trigger another fall to test 1.6059 support.


USDCHF Analysis.
USDCHF had formed a cycle bottom at 0.8326 on 4-hour chart. Now the bounce from 0.8326 is treated as consolidation of downtrend from 0.8945. Range trading between 0.8326 and 0.8452 is expected in a couple of days.


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