Daily Forex Analysis – June 28, 2010

USDCHF Analysis.
USDCHF continues its bearish movement and the fall from 1.1730 extends to as low as 1.0896 level. Deeper decline is still possible in a couple of days, and next target would be at 1.0800 area. Resistance is at the upper border of the falling price channel on 4-hour chart, now at 1.1010, as long as the channel resistance holds, downtrend could be expected to continue. Only a clear break above the channel resistance could take price back to 1.1100 zone.

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USDCAD Analysis.
After touching the upper boundary of the falling price channel, USDCAD pulled back from 1.0468. Deeper decline to 1.0250 would more likely be seen. Key resistance is now at 1.0468, a break above this level will indicate that the downtrend from 1.0852 is complete.

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EURUSD Analysis.
EURUSD formed a cycle bottom at 1.2209 level on 4-hour chart. Range trading between 1.2209 and 1.2466 is expected later today. Resistance is at at 1.2466, a break above this level could trigger another rise towards 1.2600-1.2700 area. Support is at 1.2209, if gives way, next target would be at 1.2100.

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GBPUSD Analysis.
GBPUSD’s bullish movement from 1.4346 extended to as high as 1.5076 last week. Support is at the rising trend line from 1.4346 to 1.4687, now at 1.4808. As long as the trend line support holds, we’d expect uptrend to continue and next target would be at 1.5200 area.

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AUDUSD Analysis.
AUDUSD is forming a cycle bottom at 0.8595 level on 4-hour chart, another rise to test 0.8858 is expected, a break above this level will indicate that the uptrend from 0.8080 has resumed, then further rally could be seen to 0.9000 area.

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USDJPY Analysis.
USDJPY ‘s fall from 92.10 extends to as low as 89.22 level. Deeper decline to test 88.98 support is still possible later today. Rebound would more likely before breaking below this level. Resistance is now at 89.76, above this level could turn price back to 90.00-90.50 area.

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