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Daily Forex Analysis – August 28, 2013

EURUSD Analysis.
EURUSD stays a in trading range between 1.3298 and 1.3451. The price action in the range is likely consolidation of the uptrend from 1.3206. As long as 1.3298 support holds, the uptrend could be expected to resume, and further rise to  1.3500 area is possible after consolidation. On the downside, a breakdown below 1.3298 support will indicate that lengthier consolidation of the longer term uptrend from 1.2756 is underway, then deeper decline to test 1.3206 support could be seen.

20130828_eurusd_1

USDCHF Analysis.
USDCHF stays in a trading range between 0.9147 and 0.9289. Resistance is at 0.9289, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 0.9396, another fall to re-test 0.9130 (Jun 13 low) support could be expected. On the upside, a break above 0.9289 resistance will indicate that lengthier consolidation of the longer term downtrend from 0.9751 is underway, then further rise to 0.9350 area could be seen.

20130828_usdchf_1

GBPUSD Analysis.
GBPUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that the uptrend from 1.5102 had completed at 1.5717 already. Deeper decline would likely be seen, and the target would be at 1.5400 area. Resistance is at 1.5640, only break above this level could trigger another rise towards 1.6000.

20130828_gbpusd_1

USDJPY Analysis.
USDJPY breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 95.81 had completed at 99.14 already. Further decline would likely be seen, and the target would be at 95.00 area. Resistance is at 98.00, only break above this level could trigger another rise towards 102.00.

20130828_usdjpy_1

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.

20130828_audusd_1

USDCAD Analysis.
USDCAD is facing 1.0450 support, as long as this level holds, the fall from 1.0568 could be treated as consolidation of the uptrend from 1.0275, and one more rise to 1.0700 area to complete the upward movement is still possible. On the downside, a breakdown below 1.0450 support will indicate that the uptrend from 1.0275 had completed at 1.0568 already, then the following downward movement could bring price back to 1.0200 zone.

20130828_usdcad_1

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