Daily Forex Analysis – August 30, 2011

USDCHF Analysis.
USDCHF’s upward move from 0.7067 extended further to as high as 0.8240. Support is now at 0.8075, as long as this level holds, uptrend could be expected to continue, and another rise to 0.8400 is still possible. On the other side, a breakdown below 0.8075 support will suggest that a cycle top is being formed on 4-hour chart, then consolidation of uptrend could be seen to follow.


GBPUSD Analysis.
GBPUSD’s rise from 1.6208 extended to as high as 1.6453, it is now facing 1.6460 resistance, further rally is still possible and next target would be at 1.6520, however, pullback to 1.6300 area would more likely be seen.


AUDUSD Analysis.
AUDUSD broke above 1.0601 resistance, suggesting that the uptrend from 0.9947 has resumed. Further rise could be expected in a couple of days, and next target would be at 1.0750-1.0800 area. Support is at 1.0600, as long as this level holds, uptrend from 1.0315 will continue.


EURUSD Analysis.
EURUSD broke above 1.4517 resistance. Further rise could be seen in a couple of days, and next target would be at 1.4650 area. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend from 1.4055 will continue.


USDJPY Analysis.
USDJPY traded in a range between 75.96 and 77.69. Lengthier sideways move in the range could be expected in a couple of days. Key resistance is at 77.69, a break above this level could trigger another rise to 79.00 area. Support is at 75.96, only break below this level could signal resumption of downtrend.


USDCAD Analysis.
USDCAD broke below 0.9765 key support, suggesting that the rise from 0.9406 has completed at 1.0009 already. Deeper decline could be expected after a minor consolidation, and next target would be at 0.9600 area.