Free Forex Market Analysis

USDJPY pulls back sharply from 99.67 level. Moving sideways in a range between 96.84 and 99.67 could be seen in next several days. However, the price action from 98.70 is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low). As long as 96.84 support holds, we’d expect uptrend to resume, and one more rise towards 101.00 is still possible after consolidation. Near term resistance is now at 99.67, about this level will signal the resumption of the uptrend.



Daily Forex Forecast

Being contained by the long term key resistance at 1.3015 (Oct 28, 2008 high), USDCAD pulls back from 1.2973, suggesting that a short term cycle top has been formed. Consolidation in a range between 1.2500 and 1.2973 is expected before breaking above 1.3015 level. Further rise would more likely be seen after consolidation, and a break above 1.3015 level will signal the resumption of the long term uptrend from 0.9056 (2007 low). However, below 1.2500 will indicate that the pair is back to range trading between 1.1464 (Nov 5, 2008 low) and 1.3015.



Daily Forex Forecast

EURUSD breaks below 1.2512 previous low support, suggesting that the short term downtrend from 1.2898 is underway. Deeper decline is expected to 1.2400 zone in a couple of day. Near term resistance is at the upper border of the falling price channel and key resistance is located at 1.2677, as long as this level holds, we’d expect downtrend from 1.2898 to continue, only rise above 1.2677 level will indicate that a short term cycle bottom has been formed and the fall from 1.2898 has completed.



Daily Forex Analysis

GBPUSD drops below 1.4093 support, suggesting that the short term downtrend from 1.4661 is underway. Deeper decline is possible to 1.3700 level in a couple of days. Initial resistance is at the down trend line on 4-hour chart and the key resistance is located at 1.4383, only rise above this level will indicate that the fall from 1.4661 has completed, and the following uptrend will bring price back to test 1.4985 resistance.



Daily Forex Market Analysis