Daily Forex Analysis – June 23, 2011

USDCAD Analysis.
USDCAD had reached the uptrend line from 0.9444 to 0.9669. Deeper decline to test 0.9669 support would likely be seen later today, a breakdown below this level will confirm that the rise from 0.9444 had completed at 0.9898 already, then the following downward move could bring price back to 0.9500-0.9600 area. However, as long as 0.9669 support holds, the fall from 0.9898 is treated as consolidation of uptrend from 0.9444, and one more rise towards 1.0000 is still possible.


AUDUSD Analysis.
AUDUSD’s rise from 1.0477 was limited by the upper border of the price channel on 4-hour chart. The fall from 1.0649 would possibly be resumption of downtrend from 1.0773. Deeper decline to test 1.0440 support would likely be seen. Key resistance is at the upper border of the channel, only a clear break above the channel could trigger another rise towards 1.1011 previous high.


GBPUSD Analysis.
GBPUSD broke below 1.6059 support and reached as low as 1.6021. Further fall could be seen later today, and target would be at 1.5970 area. Initial resistance is at 1.6085, as long as this level holds, downtrend from 1.6261 will continue.


EURUSD Analysis.
EURUSD broke below the uptrend line on 4-hour chart, suggesting that a cycle top is being formed. Another fall to re-test 1.3969 would likely be seen in next several days. Resistance is at 1.4441, only break above this level could trigger another rise to 1.4500-1.4550 area.


USDJPY Analysis.
USDJPY failed to break below 79.69 support and rebounded from 80.00, suggesting that lengthier sideways movement is underway, range trading between 79.58 and 82.22 is expected to continue in next several days.


USDCHF Analysis.
USDCHF failed to break below 0.8326 support and rebounded from 0.8340, suggesting that a cycle bottom is being formed on 4-hour chart. Now the rise from 0.8340 would possibly be resumption of uptrend from 0.8326, another rise to 0.8650-0.8700 area could be expected.