ForexCycle @ 4:14 AM, Tuesday January 05 2010
USDJPY Analysis.
USDJPY remains in uptrend
from 87.37 and the fall from 93.21 is more likely consolidation of
uptrend. Support is at 91.90 followed by the rising trend line from
87.37 to 88.97. As long as the trend line support holds, we’d expect
uptrend to resume and one more rise towards 94.00 is still possible.
However, a clear break below the trend line support will indicate that
a short term cycle top has been formed at 93.21 on 4-hour chart, and
the rise from 87.37 has completed.
AUDUSD Analysis.
AUDUSD continues its
uptrend from 0.8734 and the rise extends to as high as 0.9161. Further
rally is still possible later today and next target is to test 0.9193
resistance. Support is now located at the rising trend line on 4-hour
chart. Only fall below the trend line could take price back to downward
trend.
EURUSD Analysis.
EURUSD continues its rang
trading between 1.4218 and 1.4457. As long as 1.4457 resistance holds,
one more fall towards 1.4100 is still possible. However, above 1.4457
will indicate that the fall from 1.5144 has completed at 1.4218
already, then further rally could be seen to 1.4500 or even higher.
USDCHF Analysis.
USDCHF dropped below
1.0278 previous low. Another fall is now in favor and next target would
be at 1.0200 area. Resistance is located at the upper border of the
falling price channel on 4-hour chart, as long as the channel
resistance holds, downtrend will continue.
GBPUSD Analysis.
GBPUSD might be forming a
short term cycle top at 1.6238 level on 4-hour chart. Key support is
located at 1.6040, a breakdown below this level will confirm the cycle
top and signal resumption of downtrend.
USDCAD Analysis.
USDCAD broke below 1.0365
support. Another fall is now in favor and next target would be at
1.0300 area. Resistance is at 1.0450, as long as this level holds,
downtrend from 1.0576 could be expected to continue.
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