Daily Forex Analysis – March 27, 2013

 

USDJPY Analysis.

USDJPY remains in downtrend from 96.70, the rise from 93.53 is likely consolidation of the downtrend. Key resistance is now located at the upper line of the price channel on 4-hour chart. As long as the channelresistance holds, the downtrend could be expected to resume, and another fall to 92.00 – 93.00 area to complete to downward movement is possible. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed, then the following upward movement could bring price to 100.00 zone.

 

 

USDCHF Analysis.

USDCHF stays in a trading range between 0.9352 and 0.9567. Resistance is at 0.9567, a break above this level could trigger another rise to 0.9750 area. Support is at 0.9352, below this level will confirm that the uptrend from 0.9021 (Feb 1, low) had completed at 0.9567 already, then deeper decline to 0.9200 area could be seen.

 

EURUSD Analysis.

EURUSD remains in downtrend from 1.3711 (Feb 1 high). Further decline would likely be seen after a minor consolidation, and next target would be at 1.2700 area. Key resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

 

USDCAD Analysis.

USDCAD breaks below 1.0180 support, suggesting that the uptrend from 0.9815 (Jan 11 low) had completed at 1.0341 already. Further decline could be expected, and next target would be at 1.0100 area. Resistance is now at 1.0250, as long as this level holds, the downtrend will continue.

 

AUDUSD Analysis.

AUDUSD remains in uptrend from 1.0115, and the rise extends to as high as 1.0496. Further rise could be expected after a minor consolidation, and next target would be at 1.0550 area. Support is at 1.0400, only break below this level could signal completion of the uptrend.

 

GBPUSD Analysis.

GBPUSD stays within a upward price channel on 4-hour chart, and remains in uptrend from 1.4831, the fall from 1.5260 is treated as consolidation of the uptrend. Support is located at the lower line of the channel. As long as the channel support holds, the uptrend could be expected to resume, and one more rise to 1.5300 area is still possible, only a clear break below the channel support could signal completion of the uptrend.

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