Daily Forex Analysis – February 23, 2012

EURUSD Analysis.
EURUSD is facing 1.3320 resistance, a break above this level could trigger another rise to 1.3500 zone. On the downside, as long as 1.3320 resistance holds, the rise from 1.2975 is treated as correction of the downtrend from 1.3320, and another fall towards 1.2800 could be expected. Support is at 1.3185, a breakdown below this level could signal resumption of the downtrend.


AUDUSD Analysis.
AUDUSD breaks below 1.0628 support and reaches as low as 1.0596, suggesting that a uptrend from  0.9861 (Dec 15, 2011 low) has completed at 1.0844 already. Further decline could be seen in a couple of days, and next target would be at 1.0500 area. Initial resistance is at 1.0660, as long as this level holds, downtrend from 1.0815 will continue.


USDCAD Analysis.
USDCAD has formed a cycle bottom at 0.9905 on 4-hour chart. Further rally to test 1.0050 key resistance could be expected later today, a break above this level will confirm that the downtrend from 1.0318 has completed at 0.9905 already, then the following upward movement could bring price back to 1.0400 area.


USDCHF Analysis.
After breaking below 0.9088 support, USDCHF moved sideways in a narrow range between 0.9082 and 0.9148. Resistance is at 0.9148, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 0.9300, another fall to 0.9000 could be expected after consolidation, only break above 0.9148 could bring price back to test 0.9300 key resistance.


USDJPY Analysis.
USDJPY continues its upward movement and the rise from 76.02 extends to as high as 80.40. Further rise is still possible after a minor consolidation, and next target would be at 81.00 area. Support remains at the lower line of the price channel on 4-hour chart, as long as the channel support holds, uptrend will continue.


GBPUSD Analysis.
GBPUSD is facing 1.5645 key support, a breakdown below this level will confirm that the the uptrend from 1.5236 has completed at 1.5928 already, then further fall towards 1.5236 previous low could be seen.