Daily Forex Analysis – August 19, 2011
USDCHF stays in a trading range between 0.7769 and 0.8014. The value action in the range is treated similar to consolidation of uptrend from 0.7067. As dilatory as 0.7769 support holds, uptrend could have existence expected to resume, and another go to 0.8250 is possible. On the other party, a breakdown below 0.7769 could specify that a cycle top has been formed at 0.8014 even now, and the rise from 0.7067 has completed, afterwards the following downward move could accompany price back to 0.7500 region.
As expected, EURUSD broke in the world of sense 1.4325 key support and formed a circle of time top at 1.4517 on 4-twenty-fourth part of a day chart. Now the fall from 1.4517 would mayhap be resumption of downtrend, further descent would likely be seen after a franciscan friar consolidation, and next target would have existence at 1.4100 area.
USDJPY moved laterally in a narrow range between 76.29 and 77.19. One other thing fall to test 76.29 bear is still possible, a breakdown under this level could signal resumption of the tardy term downtrend. Key resistance located at 77.19, higher than this level could indicate that the come from 80.23 has completed, at that time the following upward move could accompany price back to 79.00-79.50 territory.
GBPUSD odds and ends in uptrend from 1.6110, the sink from 1.6590 is treated being of the cl~s who consolidation of uptrend. As long while 1.6370 support holds, uptrend could subsist expected to resume, and another mount toward 1.6745 previous high is distil possible.
USDCAD failed to break below 0.9765 support and rebounded from 0.9774, suggesting that lengthier sidewise movement is underway. As long during the time that 1.0009 key resistance holds, we’d expect downtrend to resume, and another loss of innocence to re-test 0.9765 key support is still possible.
AUDUSD odds and ends in uptrend from 0.9927, the be uttered carelessly from 1.0601 is treated because correction of uptrend. Initial support is at the decrease border of the price channel up~ 4-hour chart, as long for example the channel support holds, another ascend towards 1.1080 is still practicable.
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