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Daily Forex Analysis – March 28, 2013

USDJPY Analysis.
USDJPY stays within a downward price channel on 4-hour chart, and remains in downtrend from 96.70. As long as the resistance of the upper line of the channel holds, the downtrend could be expected to continue, and next target would be at 92.00 – 93.00 area. On the upside, a clear break above the channel resistance will indicate that the downtrend from 96.70 had completed at 93.53 already, then the following upward movement could bring price to 100.00 zone.

20130328_usdjpy_1

USDCHF Analysis.
USDCHF is facing 0.9567 resistance, a break above this level will signal resumption of the uptrend from 0.9021 (Feb 1, low), then the following upward movement could bring price to 0.9800 zone. Support is at 0.9470, a break below this level will indicate that lengthier sideways movement in the range between 0.9352 and 0.9567 is underway.

20130328_usdchf_1

EURUSD Analysis.
EURUSD’s downward movement from 1.3711 extends to as low as 1.2751. Further decline is still possible after a minor consolidation, and next target would be at 1.2700 area. Resistance is at 1.2900, as long as this level holds, the downtrend will continue.

20130328_eurusd_1

USDCAD Analysis.
USDCAD is now in downtrend from 1.0341. Further decline would likely be seen, and next target would be at 1.0100 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

20130328_usdcad_1

AUDUSD Analysis.
AUDUSD pulls back from 1.0496, suggesting that a cycle top is being formed on 4-hour chart. Initial support is at the lower line of the price channel on 4-hour chart, followed by 1.0370, as long as 1.0370 support holds, the fall from 1.0496 could be treated as consolidation of the uptrend from 1.0115, another rise to 1.0550 area is still possible, only break below 1.0370 support could signal completion of the uptrend.

20130328_audusd_1

GBPUSD Analysis.
GBPUSD is facing the support of the price channel on 4-hour chart. Rebound from the lower line of the channel would likely be seen, and a break above 1.5185 could trigger another rise to1.5350 zone. On the downside, a clear break below the channel support will suggest that the uptrend from 1.4831 had completed at 1.5260 already, then the following downward movement could bring price back to 1.4500 zone.

20130328_gbpusd_1

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