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Daily Forex Analysis – September 25, 2013

USDCHF Analysis.
USDCHF remains in downtrend from 0.9455, the rise from 0.9084 is likely consolidation of the downtrend. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and one more fall towards 0.8500 is still possible. On the upside, a clear break above the trend line resistance will indicate that the downtrend from 0.9455 had completed at 0.9084 already, then the following upward movement could bring price to 0.9250 area.

20130925_usdchf_1

GBPUSD Analysis.
GBPUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that consolidation of the uptrend from 1.4813 (July 9 low) is underway. Deeper decline would likely be seen and the target would be at 1.5700 area. Resistance is now at 1.6162, only break above this level could trigger another rise towards 1.6500.

20130925_gbpusd_1

USDCAD Analysis.
USDCAD is in consolidation of the downtrend from 1.0568. Range trading between 1.0182 and 1.0350 would likely be seen over the next several days. Resistance is at 1.0350, as long as this level holds, the downtrend could be expected to resume, and one more fall towards 1.0000 is still possible. However, a break above 1.0350 resistance will indicate 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.

20130925_usdcad_1

USDJPY Analysis.
USDJPY remains in downtrend from 100.60, the rise from 97.76 would possibly be correction of the downtrend. Key resistance is at 100.60, as long as this level holds, the downtrend could be expected to resume, and one more fall towards 95.00 is still possible. However, a break above 100.60 resistance will indicate that the pair remains in uptrend from 95.81, then further rise to test 103.73 (May 22 high) resistance could be seen.

20130925_usdjpy_1

EURUSD Analysis.
EURUSD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise towards 1.4000 is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 1.3105 had completed at 1.3568 already, then deeper decline to 1.3350 area could be seen.

20130925_eurusd_1

AUDUSD Analysis.
AUDUSD is in consolidation of the uptrend from 0.8892. Range trading between 0.9300 and 0.9526 could be expected over the next several 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. However, a breakdown below 0.9300 support will indicate that the uptrend 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.

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