Daily Forex Analysis – June 15, 2012

USDJPY Analysis.
USDJPY stays in a narrow range between 79.11 and 79.78. Initial support is located at 79.11, as long as this level holds, the sideways movement is treated as consolidation of the short term uptrend from 77.66, and another rise to test 80.61 key resistance could be expected. On the other side, a breakdown below 79.11 will indicate that a cycle top has been formed at 79.78 on 4-hour chart, then further decline to 78.00-78.50 area could be seen.


AUDUSD Analysis.
AUDUSD continues its upward movement from 0.9581, and the rise extends to as high as 1.0032. Further rise is still possible, and next target would be at 1.0200 area. Initial support is 0.9920, only break below this level could trigger another fall to test 0.9820 key support.


EURUSD Analysis.
EURUSD is facing 1.2668 resistance, a break above this level will signal resumption of the short term uptrend from 1.2288, then further rise to 1.2800 could be seen. Key support is at 1.2410, a breakdown below this level will indicate that the rise from 1.2288 has completed at 1.2668 already, then the following downward movement could bring price to 1.2000.


USDCHF Analysis.
USDCHF is facing 0.9478 support, a breakdown below this level could signal resumption of the downtrend from 0.9769, then further decline to 0.9200 area could be seen. Resistance is at 0.9655, only break above this level could trigger another rise towards 1.0000.


USDCAD Analysis.
USDCAD formed a sideways consolidation in a range between 1.0200 and 1.0354, as long as 1.0354 resistance holds, the downtrend from 1.0445 could be expected to resume, and another fall to towards 1.0000 is still possible.


GBPUSD Analysis.
GBPUSD continues its sideways movement in a range between 1.5403 and 1.5600, as long as 1.5403 support holds, the price action in the range is treated as consolidation of the short term uptrend from 1.5268, and further rise to 1.5800 is possible. Only a breakdown below 1.5403 could indicate that the downtrend from 1.6301 has resumed, then further decline towards 1.5000 could be seen.