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Daily Forex Analysis – October 28, 2013

USDCHF Analysis.
USDCHF stays within a downward price channel on 4-hour chart, and remains in downtrend from 0.9177. Initial resistance is at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 0.8800 area. Key resistance is at 0.8965, a break above this level will indicate that the downtrend from 0.9177 had completed at 0.8890 already, then the pair will find resistance around 0.9100.

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USDJPY Analysis.
USDJPY stays below a downward trend line on 4-hour chart, and remains in downtrend from 99.00. As long as the trend line resistance holds, the downtrend could be expected to continue, and one more fall to test 96.57 support is possible, 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. On the upside, a clear break above the trend line resistance will indicate that the downward movement from 99.00 had completed, then the following upward movement could bring price to 100.00 zone.

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AUDUSD Analysis.
AUDUSD’s fall from 0.9756 extends to as low as 0.9571. Deeper decline would likely be seen, and the target would be at the lower line of the price channel on 4-hour chart. Resistance is at 0.9670, only break above this level could trigger another rise towards 1.0000.

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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’s upward movement from 1.3473 extends to as high as 1.3832. Support is at 1.3740, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.3900 area. On the downside, a breakdown below 1.3740 will indicate that consolidation of the uptrend is underway, then deeper decline to 1.3650 area could be seen.

20131028_eurusd_1

USDCAD Analysis.
USDCAD’s upward movement from 1.0271 extends to as high as 1.0460. Support is at 1.0400, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0500 area. On the downside, a breakdown below 1.0400 support will suggest that lengthier consolidation of the uptrend from 1.0182 is underway, then another fall to 1.0300 area could be seen.

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