Daily Forex Analysis – August 11, 2011

USDJPY Analysis.
Being contained by 76.29 previous low support, USDJPY rebounded from 76.35. Another fall to re-test 76.29 support is still possible later today, a breakdown below this level could signal resumption of the long term downtrend. Resistance is now located at 77.19, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart, then lengthier consolidation in a range between 76.29 and 80.23  could be seen.


GBPUSD Analysis.
GBPUSD’s fall from 1.6476 extended to as low as 1.6110. Further decline is still possible in a couple of days, and next target would be at 1.6050 area. Resistance is at 1.6235, as long as this level holds, downtrend will continue.


EURUSD Analysis.
EURUSD stays in a trading range between 1.4055 and 1.4430. The price action in the range is likely consolidation of downtrend from 1.4535, another fall towards 1.3900 could be expected. Key resistance is now at 1.4430, only break above this level could trigger another rise towards 1.4939 previous high.


USDCAD Analysis.
USDCAD is now in downtrend from 1.0009, the rise from 0.9765 is likely correction of downtrend. As long as 1.0009 resistance holds, we’d expect downtrend to resume, and another fall towards 0.9406 previous low is possible.


USDCHF Analysis.
USDCHF remains in downtrend from 0.8276, the rise from 0.7067 is treated as consolidation of downtrend. Resistance is at 0.7350, as long as this level holds, downtrend could be expected to resume, and another fall towards 0.6700 is still possible.


AUDUSD Analysis.
AUDUSD is now in uptrend from 0.9927, the fall from 1.0412 is treated as consolidation of uptrend. As long as 0.9927 support holds, we’d expect uptrend to resume, and another rise towards 1.0700 is still possible.