Daily Forex Analysis – June 16, 2011

AUDUSD Analysis.
AUDUSD’s rise from 1.0522 was limited by the upper border of the price channel on 4-hour chart. Now the fall from 1.0715 would possibly be resumption of downtrend. Further fall would likely be seen later today, and next target would be at 1.0400-1.0450 area. Only a clear break above the channel resistance could trigger another rise towards 1.1011 previous high.


EURUSD Analysis.
EURUSD continued its downward move from 1.4696, and the fall extended to as low as 1.4156. Further fall could be expected after a minor consolidation, and next target would be at 1.4050 area. Resistance is at 1.4250, as long as this level holds, downtrend will continue.


USDCAD Analysis.
USDCAD failed to break below 0.9655 support and rebounded strongly from 0.9669, suggesting that a cycle bottom had been formed on 4-hour chart. Another rise to test 0.9851 resistance could be seen, a break above this level will indicate that the uptrend from 0.9444 has resumed, then next target would be at 0.9900 zone.


USDJPY Analysis.
USDJPY is in short term uptrend from 79.69. Support is now at the uptrend line on 4-hour chart. As long as the trend line support holds, uptrend could be expected to continue and next target would be at 81.50 zone.


GBPUSD Analysis.
GBPUSD broke below 1.6214 support and continued its downward move from 1.6546. Further fall is possible after a minor consolidation and next target would be at 1.6100 area. Resistance levels are at 1.6235 and 1.6270.


USDCHF Analysis.
USDCHF broke above 0.8467 resistance and reached as high as 0.8550. Further rally could be seen in a couple of days, and next target would be at 0.8650-0.8700 area. Key support is at 0.8326, only break below this level could signal resumption of downtrend.