Daily Forex Analysis for March 13, 2013
USDCHF Analysis.
USDCHF’s fall from 0.9552 extends to as low as 0.9436. However, the fall is likely consolidation of the uptrend from 0.9021. Key support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to 0.9600 area is still possible after consolidation. On the downside, a clear break below the trend line support will indicate that the uptrend from 0.9021 had completed at 0.9552 already, then the following downward movement could bring price back to 0.9200 zone.
USDCAD Analysis.
USDCAD continues its sideways movement in a range between 1.0216 and 1.0341. As long as 1.0216 support holds, the price action in the range is treated as consolidation of the uptrend from 0.9932, another rise to 1.0400 area is still possible after consolidation. On the other side, a breakdown below 1.0216 will indicate that lengthier consolidation of the longer term uptrend from 0.9815 (Jan 11 low) is underway, then deeper decline to 1.0150 area could be seen.
EURUSD Analysis.
EURUSD stays in a trading range between 1.2956 and 1.3161. As long as 1.3161 resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.3711, and another fall to 1.2800 area is still possible. On the upside, a break above 1.3161 resistance will indicate that a cycle bottom has been formed at 1.2956 on 4-hour chart, and the downward movement from 1.3711 has completed, then the following upward movement could bring price back towards 1.4000.
AUDUSD Analysis.
AUDUSD’s upward movement from 1.0115 extends to as high as 1.0335. Further rise is still possible and next target would be at 1.0400 area. Support is at 1.0250, as long as this level holds, the uptrend will continue.
USDJPY Analysis.
USDJPY’s upward movement from 90.93 extends to as high as 96.70. Further rise is still possible after a minor consolidation, and next target would be at 98.00 area. Support is at 95.25, only break below this level could bring price back to 93.40 zone.
GBPUSD Analysis.
GBPUSD’s downward movement from 1.5878 (Feb 1 high) extends to as low as 1.4831. Key resistance is located at the downward trend line on 4-hour chart, as long as trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.4750 area, only a clear break above the trend line resistance could signal completion of the downtrend.
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