Daily Forex Analysis – June 24, 2011

USDCAD Analysis.
Being supported by the uptrend line from 0.9444 to 0.9669, USDCAD rebounded from 0.9701. Range trading between 0.9669 and 0.9898 would likely be seen in a couple of days. As long as 0.9669 key support holds, the price action in the range is treated as consolidation of uptrend from 0.9444, and one more rise towards 1.0000 is still possible after consolidation. However, a breakdown below 0.9669 will indicate that the uptrend from 0.9444 had completed at 0.9898 already, then the following downward move could bring price to 0.9500-0.9550 area.


AUDUSD Analysis.
AUDUSD continued its downward movement from 1.0773 and reached as low as 1.0454. Another fall is still possible later today, and next target would be at 1.0400 area. Resistance is at 1.0649, only break above this level could trigger another rise towards 1.1011 previous high.


GBPUSD Analysis.
GBPUSD’s downward movement from 1.6546 extended to as low as 1.5938. Further fall is still possible after a minor consolidation. Resistance is now the the downtrend line from 1.6441 to 1.6261, as long as the trend line resistance holds, downtrend will continue.


EURUSD Analysis.
EURUSD had formed a cycle top at 1.4441 on 4-hour chart. Range trading between 1.4073 and 1.4441 would likely be seen in a couple of days, and another fall to test 1.3969 support is expected after consolidation.


USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 79.58 and 82.22. Rise to 81.50 area to reach next cycle top on 4-hour chart is expected in next several days. Support is at 80.00, only break below this level could trigger another fall towards 78.00.


USDCHF Analysis.
USDCHF is forming a cycle bottom at 0.8340 on 4-hour chart, key resistance is at 0.8440, a break above this level will confirm the cycle bottom, then another rise to 0.8650-0.8700 area could be seen. Key support is at 0.8326, only break below this level could signal resumption of downtrend.