Daily Forex Analysis – March 15, 2013

USDCHF Analysis.

USDCHF’s upward movement from 0.9021 extends to as high as 0.9567. Key support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the fall from 0.9567 could be treated as consolidation of the uptrend, 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 a cycle top has been formed at 0.9567, and the uptrend from 0.9021 has completed, then the following downward movement could bring price back to 0.8500 zone.

USDJPY Analysis.

USDJPY moves sideways in a narrow range between 95.45 and 96.70. Initial support is at 95.45, followed by 95.00, as long as these levels hold, the price action from 96.70 is treated as consolidation of the uptrend from 90.93, further rise to 97.00 is still possible after consolidation. On the downside, a breakdown below 95.00 will indicate that the uptrend has completed at 96.70 already, then deeper decline to 93.00 area could be seen.

USDCAD Analysis.

USDCAD breaks below 1.0216 support, suggesting that lengthier consolidation of the uptrend from 0.9815 (Jan 11 low) is underway. Further decline could be expected and the target would be at the 1.0150 area. However, as long as 1.0150 support holds, the uptrend could be expected to resume, and one more rise to 1.0400 area is still possible.

EURUSD Analysis.

EURUSD’s downward movement from 1.3711 extends to as low as 1.2911. Key resistance is at 1.3161, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.2800 area, only break above 1.3161 resistance could signal completion of the downtrend.

AUDUSD Analysis.

AUDUSD’s upward movement from 1.0115 extends to as high as 1.401. Further rise is still possible after a minor consolidation, and next target would be at 1.0450 area. Key support is at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

GBPUSD Analysis.

GBPUSD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 1.4831. Further rally would likely be seen and the target would be at at 1.5200 area. However, the rise would possibly be consolidation of the downtrend from 1.6339 (Jan 2 high), another fall towards 1.4500 is still possible after consolidation.

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