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Daily Forex Analysis – July 31, 2013

USDCHF Analysis.
USDCHF stays within a downward price channel on 4-hour chart, and remains in downtrend from 0.9535, the rise from 0.9264 is likely consolidation of the downtrend. Resistance is located at the upper line of the channel. As long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 0.9200 area is still possible. On the other side, a clear break above the channel resistance will indicate that lengthier consolidation of the longer term downtrend from 0.9751 is underway, then further rally to 0.9450 area could be seen.

20130731_usdchf_1

USDCAD Analysis.
USDCAD breaks above the upper line of the price channel on 4-hour chart, suggesting that consolidation of the downtrend from 1.0608 is underway. Further rally could be expected, and the target would be at 1.0360 area. Support is at 1.0252, only break below this level could trigger another fall to 1.0200 area.

20130731_usdcad_1

AUDUSD Analysis.
AUDUSD is facing 0.8998 support, a breakdown below this level could signal resumption of the downtrend from 1.0582 (Apr 11 high). On the upside, as long as 0.8998 support holds, the sideways movement in the range between 0.8998 and 0.9305 could be expected to continue, and one more rise to test 0.9305 resistance is still possible.

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USDJPY Analysis.
USDJPY remains in downtrend from 101.53. Further decline would likely be seen, 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.

20130731_usdjpy_1

EURUSD Analysis.
EURUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.2993. Support is located at the lower line of the channel. As long as this channel support holds, uptrend could be expected resume, and next target would be at 1.3350 area. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 1.2756 is underway, then deeper decline to 1.3100 area could be seen.

20130731_eurusd_1

GBPUSD Analysis.
GBPUSD’s downward movement from 1.5433 extends to as low as 1.5220. Deeper decline is still possible, and next target would be at 1.5150 area. Resistance is at 1.5320, only break above this level could trigger another rise towards 1.5600.

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