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USDJPY continues to move sideways between 96.56 and 99.67. The price action in this range is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low). As long as 96.56 support holds, we’d expect the uptrend to resume, and one more rise towards 102.00 is still possible after consolidation. However, below 96.56 will indicate that the rise from 87.12 has completed at 99.67, and then the following downtrend will take price to 93.00 zone.



Daily Forex Forecast

Being contained by the medium term key support at 1.1459, USDCHF rebounds from 1.1484 level, suggesting a short term cycle bottom is being formed and consolidation between 1.1459 and 1.1700 is expected in a couple of days. Deeper decline would more likely be seen after consolidation, and a break below 1.1459 level will indicate that the rise from 1.0366 (Dec 29, 2008 low) has completed and the following downtrend could bring price to 1.1000 zone.



Daily Forex Analysis

USDJPY broke below 96.84 support and reached 96.56 only last Friday, suggesting that a sort term cycle bottom is being formed. Range trending between 96.56 and 99.67 would more likely be seen in a couple of days. However, the price action from 98.70 is treated as consolidation of the medium uptrend from 87.12 (Jan 21 low), further rise to 102.00 zone is still possible after consolidation, and a break above 99.67 previous high will signal resumption of the uptrend.



Daily Forex Analysis

GBPUSD breaks below 1.4051 support. Deeper decline could be seen next week and target would be at 1.3700-50 area. Key resistance is now locate at 1.4661, only above this level will indicate that a cycle bottom has been formed on daily chart and the following uptrend will take price back to 1.5500 zone.

For long term analysis, GBPUSD might be forming a cycle bottom at 1.3503 level on weekly chart. Key resistance is now at 1.4985, a break above this level will confirm the cycle bottom.



Weekly Forex Forecast