Daily Forex Analysis – June 17, 2011

EURUSD Analysis.
EURUSD continued its downward move from 1.4696, and the fall extended further to as low as 1.4073, the subsequent bounce could be treated as consolidation of downtrend. Resistance is at 1.4300, as long as this level holds, we’d expect downtrend to resume, and another fall to test 1.3969 support is possible. However, a break above 1.4300 will indicate that a cycle bottom has been formed at 1.4073 on 4-hour chart, and the fall from 1.4696 has completed.


AUDUSD Analysis.
AUDUSD’s downward move from 1.0715 extended to as low as 1.0477. Another fall to test 1.0440 support would likely be seen later today. Resistance is at the upper border of the price channel on 4-hour chart, only a clear break above the channel resistance could trigger another rise towards 1.1011 previous high.


USDCAD Analysis.
USDCAD’s upward move extended to as high as 0.9898, suggesting that the uptrend from 0.9444 has resumed. Further rise is still possible after consolidation and next target would be at 1.0000 area. Support is at 0.9770, followed by the uptrend line from 0.9444 to 0.9669, as long as the trend line support holds, uptrend from 0.9444 will continue.


USDJPY Analysis.
USDJPY stays above a uptrend line on 4-hour chart, and remains in uptrend from 79.69. As long as the trend line support holds, uptrend could be expected to continue, and another rise to 81.50 area is still possible after consolidation, only a clear break below the trend line could indicate that the rise from 79.69 is complete.


GBPUSD Analysis.
GBPUSD continued its downward move from 1.6441, and the fall extended to as low as 1.6078. Another fall to test 1.6059 support is still possible after minor consolidation. Resistance is at 1.6225, only break above this level could indicate that the fall from 1.6441 is complete.


USDCHF Analysis.
USDCHF is in short term uptrend from 0.8326. Further rally would likely be seen after a minor consolidation, 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.


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