USDCHF Analysis.
USDCHF continued its downward move from 0.9594, and the fall extended to as low as 0.9411. Further fall to test the support of the upward trend line from 0.9066 to 0.9304 is expected later today, as long as the trend line support holds, the price action from 0.9594 is treated as consolidation of uptrend from 0.8569 (Oct 27, 2011 low), another rise towards 1.0000 is still possible. However, a clear break below the trend line will suggest that the rise from 0.8569 has completed at 0.9594 already, then the following downward movement could bring price back to 0.8850 area.
AUDUSD Analysis.
AUDUSD’s bounce from 1.0145 extended to as high as 1.0377. Another rise to re-test 1.0385 resistance could be expected later today, a break above this level will indicate that the uptrend from 0.9861 has resumed, then further rise towards 1.0600 is possible. Initial support is at 1.0262, only break below this level will indicate that lengthier consolidation of uptrend is underway, then range trading between 1.0145 and 1.0385 could be seen.
EURUSD Analysis.
EURUSD is in consolidation of downtrend from 1.4246 (Oct 27, 2011 high). Further rise to 1.2950 area to complete the consolidation would likely be seen. Key resistance is at 1.3076, a break above this level will signal completion of the downtrend.
USDCAD Analysis.
USDCAD remains in short term downtrend from 1.0318. Another fall is expected later today, and the target would be at 1.0100 area. Resistance is at 1.0210, as long as this level holds, downtrend will continue.
GBPUSD Analysis.
GBPUSD is facing the long term key support of 1.5272 (Oct 6, 2011 low), a breakdown below this level will indicate that the long term downtrend from 1.6745 (Apr 28, 2011 high) has resumed, then the target of the long term downtrend would be at 1.4500 area, however, rebound would more likely be seen before breaking below this level.
USDJPY Analysis.
USDJPY stays in a trading range between 76.60 and 77.32. Lengthier consolidation in the range would likely be seen in a couple of days. Key resistance is at 77.32, a break above this level will confirm that the fall from 78.21 had completed at 76.60 already, then further rise to test 78.27 resistance could be seen. Support is at 76.60, only break below this level could trigger another fall to 76.00 zone.
