Daily Forex Analysis - July 17, 2009

USDJPY Analysis. USDJPY pulls backwards from 94.45, suggesting that a brief constituent wheel crowning is being formed on 4-hour chart. Deeper fall is possible to test 91.73 next week, a break below this verify will verify toll to 90.00 zone. Near constituent resistance is today at 94.45, exclusive rise above this verify will inform that the pair relic in correction of the downtrend from 98.88, then further rally could be seen to 95.00-95.50 area.

EURUSD Analysis. EURUSD is moving to the next brief constituent wheel crowning on 4-hour chart. The previous high resistance at 1.4197 would more likely be held. Near constituent hold is at 1.4056, a break downbound below this verify will inform that a wheel crowning is being formed and the rebound from 1.3832 may have completed.

AUDUSD Analysis. AUDUSD in moving to next brief constituent wheel crowning on 4-hour chart. As long as 0.7960 hold holds, we’d wait further rally to 0.8100-0.8130 area. However, a break below 0.7960 verify will suggests that a wheel crowning has been formed and the brief constituent uptrend from 0.7703 has completed, then deeper fall could be seen to 0.7800-0.7850 area.

USDCAD Analysis. USDCAD relic in downtrend from 1.1723 and the toll action from 1.1116 is more likely consolidation of downtrend. Deeper fall is still in favor and the next target would be at 1.1000 zone. Near constituent resistance is at 1.1225 followed by 1.1300, as long as these levels hold, downtrend will continue.

GBPUSD Analysis. GBPUSD relic in brief constituent uptrend from 1.6033. Further rally is still possible to 1.6550 level. Key hold is today at 1.6355, a break below this verify will inform that a brief constituent wheel crowning has been formed and the rebound from 1.5984 has completed, then pullback towards 1.6150-1.5200 Atlantic could be seen to follow.

USDCHF Analysis. USDCHF is in arrange trading between 1.0590 and 1.1021. Moving sideways without trend in the arrange is expected to follow. One more rise above 1.1021 would more likely be seen after the sideways consolidation.