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Daily Forex Analysis – March 29, 2013

USDJPY Analysis.
USDJPY remains in downtrend from 96.70, the price action from 93.53 is likely consolidation of the downtrend. Key resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 92.00 – 93.00 area to complete the downward movement is possible. However, a clear break above the channel resistance will indicate that the downtrend from 96.70 had completed at 93.53 already, then further rise towards 100.00 could be seen.

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USDCHF Analysis.
USDCHF failed to break above 0.9567 resistance and pulled back from 0.9553, suggesting that a cycle top has been formed on 4-hour chart. Range trading between 0.9352 and 0.9567 would likely be seen over the next several days. Key resistance is at 0.9567, 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.

20130329_usdchf_1

EURUSD Analysis.
EURUSD remains in downtrend from 1.3711 (Feb 1 high). Further decline would likely be seen 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.

20130329_eurusd_1

USDCAD Analysis.
USDCAD’s downward movement from 1.0341 extends to as low as 1.0146. Further decline is still possible, and next target would be at 1.0100. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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AUDUSD Analysis.
AUDUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that the uptrend from 1.0115 had completed at 1.0496 already. Further decline would likely be seen, and next target would be at 1.0350 area. Resistance is at 1.0450, followed by 1.0496, only break above these levels could trigger another rise to 1.0550 zone.

20130329_audusd_1

GBPUSD Analysis.
Being supported by the lower line of the price channel on 4-hour chart, GBPUSD rebounded from 1.5093, suggesting that a cycle bottom had been formed. Further rise could be expected and next target would be at 1.5300 area. Key support is now at 1.5093, only break below this level could signal completion of the uptrend from 1.4831.

20130329_gbpusd_1

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