EURUSD remains in downtrend from 1.3711 (Feb 1 high), the rise from 1.2843 is likely consolidation of the downtrend. Key resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and another fall to 1.2800 is still possible.
USDCAD breaks above the downward trend line on 4-hour chart, suggesting that the downtrend from 1.0341 had completed at 1.0180 already.
USDCAD may be forming a cycle bottom at 1.0180 on 4-hour chart. Resistance is at the downward trend line, a clear break above the trend line resistance will indicate that the downward movement from 1.0341 had completed at 1.0180 already,
EURUSD’s downward movement from 1.3711 extends to as low as 1.2888. 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.
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.
Short Term Daily Forex Analysis – USDJPY stays above a upward trend line on 4-hour chart, and remains in uptrend from 90.93, the fall from 96.70 is treated as consolidation of the uptrend.
Daily Forex 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.
USDJPY broke below the lower line of the price channel on 4-hour chart, and is now in consolidation of the uptrend from 82.11. Range trading between 86.82 and 89.67 would likely be seen in a couple of days
Daily Forex Analysis – January 16, 2013
FOREX Market Analysis for Tuesday January 15, 2013
