Daily Forex Analysis – June 30, 2011

GBPUSD Analysis.
GBPUSD is facing the resistance of the downtrend line from 1.6441 to 1.6261, a clear break above the trend line resistance will indicate that a cycle bottom had been formed at 1.5912, then lengthier consolidation of downtrend from 1.6546 could be seen. On the other side, downtrend could be expected to resume after touching the trend line resistance, and another fall towards 1.5500 could be seen after breaking below 1.6000 level.


AUDUSD Analysis.
AUDUSD broke above the falling price channel on 4-hour chart, suggesting that the downward move from 1.0773 had completed at 1.0390 already. The pair is now in uptrend from 1.0390. Further rise would likely be seen after a minor consolidation, and next target would be at 1.0800 zone.


USDCHF Analysis.
USDCHF remains in downtrend from 0.8550, the rise from 0.8275 is likely minor consolidation of downtrend. Another fall is still possible after consolidation, and a breakdown below 0.8275 could signal resumption of downtrend.


USDCAD Analysis.
USDCAD broke below the uptrend line from 0.9444 to 0.9669, and reached as low as 0.9667, suggesting that the uptrend from 0.9444 had completed at 0.9912 already. The pair is now in downtrend from 0.9912. Further fall is expected after consolidation. Resistance levels are at 0.9760 and 0.9790.


EURUSD Analysis.
EURUSD broke above 1.4441 resistance. Further rise could be seen in a couple of days, and next target would be at 1.4550-1.4600 area. Initial support is at 1.4380, as long as this level holds, uptrend from 1.4102 will continue.


USDJPY Analysis.
USDJPY is forming a cycle top at 81.26 on 4-hour chart. Deeper decline to test 80.00 support would likely be seen later today, a breakdown below this level could trigger another fall to 78.00 area. Resistance is at 81.26, only break above this level could bring price back to short term uptrend from 80.00, then next target would be at 81.70 area.