Daily Forex Analysis – February 22, 2012

AUDUSD Analysis.
AUDUSD is facing the key support of 1.0628, a breakdown below this level will indicate that the uptrend from 0.9861 (Dec 15, 2011 low) has completed at 1.0844 already, then the following downward movement could bring price to 1.0400 area. On the upside, as long as 1.0628 level holds, the price action in the range between 1.0628 and 1.0844 could possibly be consolidation of the uptrend, and one more rise to 1.0900 is still possible after consolidation.


USDCAD Analysis.
USDCAD may be forming a cycle bottom at 0.9905 on 4-hour chart. Initial resistance is at 0.9985, a break above this level will confirm the cycle bottom, then further rise towards 1.0050 could be seen. Support is at 0.9905, only break below this level could trigger another fall to 0.9800.


USDCHF Analysis.
USDCHF broke below 0.9088 support, and reached as low as 0.9082. Further decline would likely be seen later today, and next target would be at 0.9000 zone. Resistance is at 0.9175, a break above this level will indicate that lengthier consolidation of the downtrend from 0.9594 is underway, then further rise to test 0.9300 key resistance could be seen.


EURUSD Analysis.
EURUSD is facing 1.3320 resistance, as long as this level holds, the bounce from 1.2975 is treated as correction of the downtrend from 1.3320, and another fall towards 1.2800 could be expected, only break above 1.3320 could trigger another rise to 1.3500 zone.


USDJPY Analysis.
USDJPY stays in a upward price channel on 4-hour chart, and remains in uptrend from 76.02. Support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, uptrend could be expected to continue, and next target would be at 80.50 area.


GBPUSD Analysis.
GBPUSD failed to break above 1.5928 and pulled back from 1.5879, suggesting that a cycle top is being formed on 4-hour chart. Now the fall would possibly be resumption of the downtrend from 1.5928, deeper decline is expected in a couple of days, and the target would be at 1.5500 area.


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