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Daily Forex Analysis – September 24, 2013

GBPUSD Analysis.
GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.5429, and the fall from 1.6162 could be treated as consolidation of the uptrend. Initial support is at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.6500 is still possible. On the other side, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 1.4813 (July 9 low) is underway, then deeper decline to 1.5700 area could be seen.

20130924_gbpusd_1

USDCAD Analysis.
USDCAD broke above the downward trend line on 4-hour chart, and is now in consolidation of the downtrend from 1.0568. Range trading between 1.0182 and 1.0350 would likely be seen in a couple of days. Resistance is at 1.0350, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.0000 is still possible after consolidation. On the other side, a break above 1.0350 will suggest that the downward movement from 1.0568 had completed at 1.0182 already, then the following upward movement could bring price back to 1.0750 zone.

20130924_usdcad_1

USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, and remains in downtrend from 0.9455. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9000 area. On the upside, a clear break above the trend line resistance will suggest that consolidation of the downtrend is underway, then further rally to 0.9200 area could be seen.

20130924_usdchf_1

USDJPY Analysis.
No changed in our view, USDJPY remains in downtrend from 100.60, the rise from 97.76 is likely correction of the downtrend. As long as 100.60 key resistance holds, the downtrend could be expected to resume, and one more fall towards 95.00 is still possible. On the upside, a break above 100.60 resistance will indicate that the uptrend from 95.81 has resumed, then further rise to test 103.73 (May 22 high) resistance could be seen.

20130924_usdjpy_1

EURUSD Analysis.
EURUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.3105. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.3650 area. On the downside, a clear break below the trend line support will indicate that consolidation of the uptrend is underway, then the pair will find support around 1.3400.

20130924_eurusd_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8892, the fall from 0.9526 is likely consolidation of the uptrend. Range trading between 0.9300 and 0.9526 would likely be seen in a couple of days. Support is at 0.9300, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.0000 is still possible. On the downside, a breakdown below 0.9300 support will suggest that the upward movement from 0.8892 had completed at 0.9526 already, then the following downward movement could bring price back to re-test 0.8847 (Aug 5 low) support.

20130924_audusd_1

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