Daily Forex Analysis - July 31, 2009

USDCAD Analysis. After breaking beneath 1.0784 previous low, USDCAD trades in a narrow arrange between 1.0749 and 1.0933. The toll action in the trading arrange is more probable compounding of downtrend modify 1.1723, further fall to 1.0500 regularize is still doable after consolidation. Near term status is at 1.0933 followed by 1.1000, only rise above 1.1000 take module indicate that the downtrend from 1.1723 has completed at 1.0749 take already, then the following uptrend module verify toll backwards to 1.1500 zone.

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AUDUSD Analysis. AUDUSD trades in a arrange between 0.8089 and 0.8337. Moving sideways in this arrange is due in next individual days. As long as 0.8089 support holds, we would expect uptrend to resume and digit more rise towards 0.8500 is still doable after consolidation. However, beneath 0.8089 module indicate that the uptrend from 0.7703 has completed at 0.8337 take already, then deeper decline could be seen to 0.7800 zone.

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USDJPY Analysis. Being contained by the status of the bunk border of the ascension toll channel, USDJPY pulls backwards from 95.88 level, suggesting that a short term wheel top is being formed. Deeper decline to test 94.83 key support is doable after today, and a break beneath this take module confirm the wheel top, then further fall towards the lowermost of the toll channel could be seen to follow.

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GBPUSD Analysis. Being supported by the lower border of the ascension toll channel on 4-hour chart, GBPUSD rebounds from 1.6339 level. However, the rise is more probable compounding of downtrend from 1.6583, moving to 1.6100 regularize is still doable and a break beneath 1.6339 module signal resumption of downtrend. Near term status is at 1.6583, only rise above this take module suggesting that the uptrend from 1.6984 has resumed, then further rally could be seen to 1.6650 level.

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EURUSD Analysis. EURUSD is today in downtrend from 1.4304 and the recuperate from 1.4007 is treated as correction of downtrend. Further rise to 1.4180 regularize is doable after today, downtrend is due to resume before breaking above this level.

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USDCHF Analysis. USDCHF is forming a short term wheel top at 1.0933 take on 4-hour chart, compounding in a arrange between 1.0800 and 1.0956 is due in next individual days. As long as 1.0800 take holds, we would expect uptrend to resume and digit more rise above 1.1021 would more probable be seen after consolidation.

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