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USDCHF Analysis. USDCHF’s upward move from 0.8922 extended to as high as 0.9339. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue and next target would be at 0.9400 zone. However, a clear break below the trend line will indicate that a cycle top is being formed, and the uptrend from 0.8922 is complete, then deeper decline towards 0.8922 previous low could be seen.
USDCAD Analysis. USDCAD broke below 0.9667 previous low and reached as low as 0.9625. further fall is still possible later today and next target would be at 0.9500 area. Resistance is at 0.9700, as long as this level holds, downtrend could be expected to continue.
GBPUSD Analysis. GBPUSD stays in a trading range between 1.5936 and 1.6150, and is now facing 1.6150 resistance, a break above this level will suggest resumption of longer term uptrend from 1.5344, then further rise towards 1.6400 could be seen, only break below 1.5936 support could trigger another fall towards 1.5600 zone.
AUDUSD Analysis. AUDUSD’s bullish movement extended to as high as 1.0415. further rise could be seen in a couple of days, and next target would be at 1.0500 zone. Support is now at 1.0300, as long as this level holds, uptrend will continue.
EURUSD Analysis. EURUSD breaks above 1.4248 resistance, suggesting that the uptrend from 1.3428 has resumed. further rise could be expected in a couple of days, and next target would be at 1.4400 zone. Key support is at 1.4020, only break below this level could indicate that the uptrend from 1.3428 is complete.
USDJPY Analysis. USDJPY’s rise from 76.40 extended to as high as 84.70. Support is at 83.30, as long as this level holds, uptrend is expected to continue and next target would be at 86.00 zone. However, a breakdown below 83.30 will suggest that a cycle top is being formed on 4-hour chart, then pullback to 82.00 would be seen.
This entry was posted on Monday, April 4th, 2011 at 08:50 and is filed under Short Term Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
Posted in Forex