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Daily Forex Analysis – February 27, 2013

EURUSD Analysis.
EURUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.3519. Key resistance is now located at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.2900 area. On the upside, a clear break above the channel resistance will suggest that a cycle bottom has been formed at 1.3018, and the downtrend from 1.3519 has completed, then another rise towards 1.4000 could be seen.

20130227_eurusd_1

AUDUSD Analysis.
After consolidation, AUDUSD breaks below 1.0220 previous low support and reaches as low as 1.0200, suggesting that the downtrend from 1.0597 has resumed. Further decline would likely be seen in a couple of days, and next target would be at 1.0100 area. Key resistance is at 1.0373, only break above this level could signal completion of the downtrend.

20130227_audusd_1

USDCHF Analysis.
USDCHF stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.9021. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.9400 area. However, a clear break below the trend line support will suggest that a cycle top has been formed and the uptrend has completed, then the following downward movement could bring price back to 0.8950 zone.

20130227_usdchf_1

USDJPY Analysis.
USDJPY is now in downtrend from 94.54. Further decline would likely be seen and next target would be at 90.00 area. Near term resistance is at 93.25 and the key resistance is at 94.54, only break above these levels could trigger another rise towards 100.00.

20130227_usdjpy_1

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5843, the bounce from 1.5072 is treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.5000 area. Resistance is at 1.5320, followed by 1.5400, only break above these levels could signal completion of the downtrend.

20130227_gbpusd_1

USDCAD Analysis.
USDCAD’s upward movement from 0.9999 extends to as high as 1.0303. Further rise could be expected and next target would be at 1.0350 area. Support is at 1.0200, only break below this level could signal completion of the uptrend.

20130227_usdcad_1

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