Fx Analysis 03/24/2009

March 24, 2009 by hyiperz

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Forex Forecast for EURUSD Currency
The Euro continues to consolidate below the 1.3740/50 resistance, testing bids on the downside to as low as 1.3485 on yesterday. The drop is over as the Euro recovered to 1.3670 earlier today, only 70 points away from the recent established top zone around 1.3740. Above 1.3740, important resistance is seen at 1.3855 - the 61.8% ratio of the large 1.4720-1.2450 decline. A break of the said barrier will confirm that on a medium term basis, current uptrend which is developing since penetrating into the 1.3 region, is not corrective. Both intra-day and daily studies are bullish. Support starts at 1.3485/00, backed by a more important barrier at 1.3330. Uptrend should remain intact while holding above 1.3330. Below the said support, losses may easily extend down to 1.3100. Current quote is 1.3640 @07:05 GMT
Support levels: 1.3600, 1.3485/00, 1.3400/15, 1.3330 and 1.3200/30.
Resistance levels: 1.3740/50, 1.3800, 1.3855 and 1.3900.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bullish

Forex Forecast for AUDUSD Currency
The Aussie Dollar managed to advance higher, above the .7000 mark. Next important objectives are seen at .7135 and .7265 while on the downside, minor support is formed by .7000 backed by .6945 and .6850. Uptrend will remain stable as long as support at .6850 is intact. Breaching the barriers at .7135 and .7265 will be a difficult task but a sustained break above the said levels will fully confirm the medium term bullish momentum. Current quote is .7038 @07:05 GMT
Support levels: .7000, .6945/50, .6850 and .6755.
Resistance levels: .7100, .7135, .7200 and .7265.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish

Forex Forecast for EURCHF Currency
The Euro is losing strength against the Swiss Franc as it fails to establish higher highs and challenge the recent established resistance into the mid 1.54 region. On the downside, support starts at 1.5300 backed by 1.5225 and 1.5150. Intra-day studies are slightly bearish at the time of this writing. Current quote is 1.5320 @07:05 GMT
Support levels: 1.5300/10, 1.5225, 1.5150/90 and 1.5000.
Resistance levels: 1.5420/50, 1.5500/30 and 1.5590.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish