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Daily Forex Analysis – July 29, 2013

USDCAD Analysis.
USDCAD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.0442. Resistance is 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 1.0200 area. However, a clear break above the channel resistance will indicate that consolidation of the longer term downtrend from 1.0608 is underway, then further rally to 1.0360 area could be seen.

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AUDUSD Analysis.
AUDUSD is facing 0.9305 resistance again, a clear break and hold of this level will indicate that the downtrend from 1.0582 (Apr 11 high) had completed at 0.8998 already, then the following upward movement could bring price to 1.0000 area. On the downside, as long as 0.9305 resistance holds, the price action from 0.8998 is treated as consolidation of the downtrend, and one more fall towards 0.8500 is still possible after consolidation.

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USDJPY Analysis.
USDJPY breaks below 98.27 support and reaches as low as 97.63, suggesting that the downtrend from 101.53 has resumed. Further decline could be expected, and next target would be at 96.50 area. Resistance is at 99.00, only break above this level could trigger another rise to test 101.53 resistance.

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USDCHF Analysis.
USDCHF’s downward movement from 0.9751 extends to as low as 0.9264. Further decline could be expected, and next target would be at 0.9200 area. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend will continue.

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EURUSD Analysis.
EURUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.2993. Further rise could be expected, and next target would be at 1.3350 area. Support is at the trend line, only a clear break below the trend line could signal completion of the uptrend.

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GBPUSD Analysis.
GBPUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.5028. Further rise would likely be seen, and next target would be at 1.5550 area. Support is at the trend line, only a clear break below the trend line could signal completion of the uptrend.

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