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Daily Forex Analysis – September 30, 2013

USDCHF Analysis.
USDCHF’s downward movement from 0.9455 extends to as low as 0.9021. 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 continue, and next target would be at 0.8950 area. On the upside, a clear break above the trend line resistance will indicate that consolidation of the downtrend is underway, then range trading between 0.9021 and 0.9137 could be seen.

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AUDUSD Analysis.
AUDUSD continues its downward movement from 0.9526, and the fall extends to as low as 0.9280. Initial resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downward move could be expected to continue, and next target would be at 0.9200. On the other side, the fall from 0.9526 would possibly be correction of the uptrend 0.8892, one more rise towards 1.0000 is still possible.

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GBPUSD Analysis.
GBPUSD breaks above 1.6162 resistance, suggesting that the uptrend from 1.4813 (July 9 low) has resumed. Further rise is possible, and next target would be at 1.6250 area. Key support is at 1.5955, only break below this level could signal completion of the uptrend.

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USDCAD Analysis.
USDCAD is facing 1.0350 resistance, a break above this level will suggest that the downtrend from 1.0568 had completed at 1.0182 already, then the following upward movement could bring price to 1.0750 zone. On the downside, as long as 1.0350 resistance holds, the downtrend could be expected to resume, and one more fall towards 1.0000 is still possible.

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USDJPY Analysis.
USDJPY breaks below 97.76 support, suggesting that the downtrend from 100.60 has resumed. Further decline could be expected over the next several days, and the target would be at 96.50 area. Resistance is at 98.51, only break above this level could indicate that lengthier consolidation of the downtrend is underway, then further rise to 99.50 area could be seen.

20130930_usdjpy_1

EURUSD Analysis.
EURUSD stays in a trading range between 1.3462 and 1.3568. As long as 1.3462 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.3105, one more rise towards 1.3700 is still possible after consolidation. On the downside, a breakdown below 1.3462 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.

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