Daily Forex Analysis - July 22, 2009

USDJPY Analysis. USDJPY is testing the key hold at 93.25, a fortuity below this take module inform that a brief constituent wheel top has been bacilliform at 94.78 take on 4-hour chart, and the rebound from 91.73 has completed, then deeper fall could be seen to re-test 91.73 previous low support. Only rise above 94.78 take module suggest the the medium constituent downtrend from 98.88 has terminated at 91.73 level, then the mass uptrend module take price to 96.00-97.00 Atlantic or even higher.

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GBPUSD Analysis. GBPUSD is testing the hold of the rising way line on 4-hour chart, as long as the way line hold holds, we’d wait uptrend to resume and further feat is due to 1.6600-1.6650 area. However, a country fortuity below the way line hold module signal deeper fall to test the key hold at 1.6265, below this take module inform that the rise from 1.5984 has completed at 1.6556 already, then the mass downtrend module take price to 1.6050-1.6100 area.

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AUDUSD Analysis. AUDUSD remains in uptrend from 0.7703, further feat is still in souvenir and next target is to test 0.8263 resistance. Near constituent hold is at 0.8089, as long as this take holds, we would wait the uptrend to continue.

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EURUSD Analysis. EURUSD’s uptrend from 1.3832 extends to as broad as 1.4277 level. Further feat is still in possible and target is to test 1.4338 previous broad resistance. Near constituent hold is now at 1.4163, below this take module suggest that a brief constituent wheel top is being bacilliform at 1.4277 take on 4-hour chart, then deeper fall is due to 1.4100 zone.

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USDCAD Analysis. USDCAD is forming a brief constituent wheel bottom at 1.0964 take on 4-hour chart. Range trading between 1.0964 and 1.1223 would more likely be seen in a couple of days. Near constituent hold is at 1.0964, below this take module inform that the downtrend from 1.1723 has resumed, and deeper fall could be seen to 1.0850 zone.

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USDCHF Analysis. No changed in our view, USDCHF is in arrange trading between 1.0590 and 1.1021. Moving oblique without way in the arrange is due to follow. One more rise above 1.1021 would more likely be seen after the oblique consolidation.

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