Daily Forex Analysis - August 21, 2009

USDJPY Analysis. USDJPY remains in downtrend from 97.78 and the price action from 93.67 is treated as consolidation of downtrend. Deeper decline is still possible later today, next target would be at 93.25 zone, and a break below 93.67 will signal resumption of downtrend. Near term resistance is at 94.55, as long as this level holds, downtrend will continue. However a break above 94.55 level will suggest that a short term cycle bottom has been formed on 4-hour chart, then further rise could be seen to 95.00 zone. GBPUSD Analysis. GBPUSD...

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Daily Forex Analysis - August 20, 2009

GBPUSD Analysis. GBPUSD might be forming a short term cycle top at 1.6592 level on 4-hour chart. Moving lower to test 1.6275 key support is expected in a couple of days, a break below this level will confirm the cycle top and suggest that the downtrend from 1.7042 has resumed, then deeper decline could be seen to 1.6000 zone. Key resistance is located at 1.6663, only rise above this level will indicate that the fall from 1.7042 has completed at 1.6275 level already. EURUSD Analysis. EURUSD rebounds to as high as 1.4266 level. Further...

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