Daily Forex Analysis – February 8, 2012

USDCHF Analysis.
After consolidation, USDCHF breaks below 0.9114 support, suggesting that a cycle top has been formed at 0.9262 on 4-hour chart, and the downtrend from 0.9594 has resumed. Further decline could be seen over the next several days, and the target would be at 0.8900 area. Resistance is now at 0.9170, only break above this level could indicate that lengthier consolidation of downtrend is underway, then range trading between 0.9114 and 0.9262 could be expected to continue.

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EURUSD Analysis.
EURUSD breaks above 1.3233 resistance, suggesting that the uptrend from 1.2624 has resumed. Further rise could be seen over the next several days, and the target would be at 1.3500-1.3600 area. Support is now at 1.3150, only break below this level could indicate that lengthier consolidation of uptrend is underway.

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AUDUSD Analysis.
AUDUSD continued its upward movement from 1.0145 yesterday and the rise extended to as high as 1.0822. Further rise is still possible in a couple of days, and next target would be at 1.0900 area. Support remains at the lower line of the price channel on 4-hour chart, only a clear break below the channel could signal completion of the uptrend.

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USDJPY Analysis.
USDJPY’s rise from 76.02 extended to as high as 76.95. Further rise is still possible after a minor consolidation, and next target would be at 77.25. Support is at 76.60, only break below this level could indicate that a cycle top is being formed on 4-hour chart.

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USDCAD Analysis.
USDCAD remains in downtrend from 1.0318, the price action from 0.9926 is treated as consolidation of the downtrend. As long as the trend line resistance holds, downtrend could be expected to resume, and another fall towards 0.9800 is still possible.

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GBPUSD Analysis.
GBPUSD’s upward movement from 1.5236 has reached as high as 1.5904. Further rise is still possible in a couple of days, and next target would be at 1.6000 area. Initial support is at 1.5840, only break below this level could bring price back to test 1.5729 key support.

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