Free Forex Market Analysis

USDCAD continues its sideways movement in a range between 0.9841 and 1.0050. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and one more fall to 0.9600-0.9700 area is still possible. One the other side, a break above 1.0050 resistance will indicate that the fall from 1.0422 has completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.



Daily Forex Analysis

EURUSD’s bounce from 1.3033 extends to as high as 1.3212. However, the rise is treated as correction of the downtrend from 1.3385, another fall to re-test 1.3003 support would likely be seen after correction, a breakdown below this level will signal resumption of the longer term downtrend from 1.3486 (Feb 24 high), then deeper decline towards 1.2624 (Jan 13 low) could be seen.



Daily Forex Forecast

After a minor consolidation, USDJPY continues its downward movement from 84.17, and the fall extends to as low as 80.63. Now the pair has reached the lower line of the price channel on 4-hour chart, rebound would likely be seen over the next several days, and the target would be at the upper line of the channel.



Daily Forex Analysis

USDJPY may be forming a cycle bottom at 81.19 on 4-hour chart. Further rally to test the resistance of the downward trend line could be expected, a clear break above the trend line resistance will indicate that the downtrend from 84.17 has completed. On the other side, as long as the trend line resistance holds, the rise could be treated as consolidation of the downtrend, and one more fall towards 80.00 is still possible after consolidation.



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