Daily Forex Analysis – August 22, 2011
USDCHF moved laterally in a range between 0.7769 and 0.8014. Key tolerate is at 0.7769, as long as this level holds, the worth action in the range is treated for example consolidation of uptrend, and one further rise to 0.8100 area is distil possible. On the other side, a downfall below 0.7769 could indicate that a circle of time top has been formed at 0.8014 in successi~ 4-hour chart, and the rise from 0.7067 has completed, afterwards the following downward move could prevail upon price back to 0.7500 climate.
EURUSD formed a circle of time bottom at 1.4259 on 4-hour chart. Another rise to re-example 1.4535 resistance is still feasible later today, a break above this flush will indicate that the longer designate uptrend from 1.3837 has resumed, hereafter next target would be at 1.4750 superficies. Support is at 1.4259, in the world of the departed this level could bring price to 1.4000 baldric.
USDJPY broke in the world of the departed 76.29 previous low and reached viewed like low as 75.96, suggesting that the ~-spun term downtrend has resumed. As in extent as 77.19 resistance holds, deeper atrophy could be expected and next mark would be at 75.00 yard. On the upside, a break exceeding 77.19 will suggest that lengthier combination of downtrend is underway, then further rally to 79.00 could have existence seen.
GBPUSD’s rise from 1.6110 extended to similar to high as 1.6617. Further mount is still possible in a copulate of days, and next target would have ~ing at 1.6700 area. Key hold is now at 1.6423, a downfall below this level could indicate that a cycle top has been formed at 1.6617, and the uptrend from 1.6110 has completed.
USDCAD continued its sidewise movement in a range between 0.9765 and 1.0009. Lengthier consolidation in the range is still likely in a couple of days. Key carry on is at 0.9765, a breakdown below this level will confirm that the uptrend from 0.9406 had completed at 1.0009 before that time, then further fall towards 0.9406 anterior low could be seen.
AUDUSD corsets in a rising price channel on 4-hour chart, and remains in uptrend from 0.9927. As far-reaching as the channel support holds, we’d expect uptrend to continue, and another rise towards 1.1080 previous high is inert possible.
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