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Daily Forex Analysis – October 25, 2013

USDJPY Analysis.
USDJPY’s fall from 99.00 extends to as low as 97.15. Resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the short term downtrend from 99.00 could be expected to continue, and deeper decline to test 96.57 support would likely be seen, a breakdown below this level will signal resumption of the longer term downtrend from 100.60, then the target would be at 94.50 – 95.00 area. However, as long as 96.57 support holds, the fall from 99.00 could be treated as correction of the uptrend from 96.57, one more rise to 100.00 area is still possible.

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AUDUSD Analysis.
AUDUSD is facing 0.9550 support, as long as this level holds, the fall from 0.9756 could be treated as consolidation of the uptrend from 0.9280, one more rise towards 1.0000 is still possible. However, a breakdown below 0.9550 support will indicate that lengthier consolidation of the longer term uptrend from 0.8847 (Aug 5 low) is underway, then the pair will find support around 0.9500.

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GBPUSD Analysis.
GBPUSD is testing 1.6259 resistance, a break above this level will indicate that the uptrend from 1.4813 (Jul 9 low) has resumed, then the following upward movement could bring price to 1.6500 zone. Support is at 1.6100, only break below this level will suggest that lengthier consolidation of the uptrend is underway, then the trading range would be between 1.5894 and 1.6259.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.3473,and the rise extends to as high as 1.3824. Further rise could be expected after a minor consolidation, and next target would be at 1.3900 area. Support is at 1.3715, as long as this level holds, the uptrend will continue.

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USDCHF Analysis.
USDCHF continues its downward movement from 0.9177, and the fall extends to as low as 0.8890. Resistance is now at 0.8975, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.8800 area, only break above 0.8975 resistance could signal completion of the downtrend.

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USDCAD Analysis.
USDCAD breaks above 1.0419 resistance, suggesting that the uptrend from 1.0182 has resumed. Further rise could be expected, and next target would be at 1.0500 area. Support is now at 1.0375, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then another fall to 1.0300 area could be seen.

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