Daily Forex Analysis – September 14, 2011

GBPUSD Analysis.
GBPUSD stays below a falling trend line on 4-hour chart and remains in downtrend from 1.6453. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.5700 area. Only a clear break above the trend line could indicate that the fall from 1.6453 is complete.


USDCAD Analysis.
USDCAD broke below the uptrend line on 4-hour chart, suggesting that the rise from 0.9725 has completed at 1.0025 already. Deeper decline is expected in a couple of days, and target would be at  0.9750-0.9800 area.


AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0764. Resistance is now at 1.0400, as long as this level holds, downtrend could be expected to continue, and another fall towards 1.0100 is possible later today.


USDCHF Analysis.
USDCHF is forming a cycle top at 0.8925 on 4-hour chart. Consolidation of uptrend from 0.7067 would likely be seen in a couple of days, and the trading range would be between 0.8540 and 0.8925. Resistance is at 0.8925, only break above this level could signal resumption of uptrend.


EURUSD Analysis.
EURUSD remains in downtrend from 1.4548, the rise from 1.3499 is likely consolidation of downtrend. Resistance is at 1.3825, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.3000 is still possible.


USDJPY Analysis.
USDJPY broke below 77.07 key support, and brought price back to the trading range between 75.96 and 77.85. Deeper decline towards 75.96 previous low would likely be seen later today.20110914_usdjpy_1