Daily Forex Analysis – July 11, 2011

EURUSD Analysis.
EURUSD continues its downward move from 1.4577, and the fall extended to as low as 1.4197. Resistance is at 1.4305 followed by 1.4375, as long as these levels hold, downtrend could be expected to continue, and next target would be at 1.4100-1.4150 area. However, a break above 1.4375 will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.4577 has completed, then the following upward move could bring price back to 1.4450-1.4500 area.


AUDUSD Analysis.
AUDUSD failed to break above 1.0789 resistance. Lengthier consolidation of uptrend from 1.039 could be seen in a couple of days, and pullback to 1.0635 area to reach next cycle bottom on 4-hour chart is possible. Key resistance is at 1.0789, only break above this level could trigger another rise towards 1.1011 previous high.


USDJPY Analysis.
USDJPY had formed a cycle top at 81.47 last week, and is now facing the support of the uptrend line on 4-hour chart., a clear break below the trend line will confirm that the rise from 79.69 had completed, then further fall to test 79.69 support could be seen.


GBPUSD Analysis.
GBPUSD continued its sideways move in a range between 1.5912 and 1.6139. Lengthier consolidation in the range is expected in a couple of days. As long as 1.6139 resistance holds, downtrend could be expected to resume, and another fall towards 1.5500 is still possible after consolidation.


USDCHF Analysis.
USDCHF failed to break above 0.8525 resistance last week, and pulled back from 0.8519. Deeper decline to test 0.8275 previous low support is expected later today, a breakdown below this level will target 0.8000 zone.


USDCAD Analysis.
USDCAD remains in downtrend from 0.9912, the price action from 0.9579 is treated as consolidation of downtrend. Resistance is at 1.9694, as long as this level holds, downtrend could be expected to resume, and another fall towards 0.9444 previous low is possible.