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Daily Forex Analysis – August 26, 2013

GBPUSD Analysis.
GBPUSD is facing the support of the lower line of the price channel on 4-hour chart. A clear break below the channel support will indicate that the uptrend from 1.5102 had completed at 1.5717 already, then deeper decline to 1.5400 area could be seen. On the upside, as long as the channel support holds, the fall from 1.5717 would possibly be consolidation of the uptrend from 1.5102, one more rise towards 1.6000 is still possible after consolidation.

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USDJPY Analysis.
USDJPY broke above the downward trend line on 4-hour chart, and is now in uptrend from 95.81. Further rise could be expected and next target would be at 100.50 area. Support is at 97.75, only break below this level could trigger another fall towards 95.00.

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AUDUSD Analysis.
AUDUSD continues its sideways movement in a range between 0.8847 and 0.9317. Key resistance is at 0.9317, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), one more fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9317 resistance will indicate that the downtrend from 1.0582 had completed at 0.8847 already, then the following upward movement could bring price to 1.0000 zone.

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USDCHF Analysis.
USDCHF is facing 0.9130 (Jun 13 low) support, a breakdown below this level will signal resumption of the downtrend from 0.9751, then next target would be at 0.9000. Resistance is at 0.9300, only break above this level will indicate that lengthier consolidation of the downtrend from 0.9751 is underway, then further rally to 0.9350 area could be seen.

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USDCAD Analysis.
USDCAD remains in uptrend from 1.0275, the fall from 1.0568 is likely consolidation of the uptrend. Support is at 1.0450, as long as this level holds, the uptrend could be expected to resume, and one more rise to 1.0700 area is still possible. On the downside, a breakdown below 1.0450 will indicate that the uptrend from 1.0275 had completed at 1.0568 already, then further decline to 1.0200 area could be seen.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.2756, the fall from 1.3451 is likely consolidation of the uptrend. Another fall to test 1.3206 support would likely be seen, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.3500 is still possible after consolidation.

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