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Daily Forex Analysis – October 29, 2013

USDJPY Analysis.
USDJPY is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that the downtrend from 99.00 had completed at 96.94 already, then another rise towards 100.00 could be seen. On the downside, as long as the trend line resistance holds, the rise from 96.94 could be treated as consolidation of the downtrend from 99.00, one more fall to test 96.57 support is still possible after consolidation, and a breakdown below this level will signal resumption of the longer term downtrend from 100.60.

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USDCHF Analysis.
USDCHF breaks above the upper line of the price channel on 4-hour chart, suggesting that the downtrend from 0.9177 had completed at 0.8890 already. Further rally would likely be seen in a couple of days, and the target would be at 0.9100 area. Support is at 0.8890, only break below this level could trigger another fall towards 0.8500.

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AUDUSD Analysis.
AUDUSD continues its downward movement from 0.9756, and the fall extends to as low as 0.9514. Deeper decline is still possible and the target would be at the lower line of the price channel on 4-hour chart. However, as long as the channel support holds, the fall from 0.9756 would possibly be consolidation of the longer term uptrend from 0.8847 (Aug 5 low), one more rise towards 1.0000 is still possible after consolidation.

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GBPUSD Analysis.
GBPUSD failed to break above 1.6259 resistance, suggesting that lengthier consolidation for the uptrend from 1.4813 (Jul 9 low) is needed. Range trading between 1.5894 and 1.6259 would likely be seen over the next several days.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.3473, the fall from 1.3832 is likely consolidation of the uptrend. Support is at 1.3740, as long as this level holds, the uptrend could be expected to resume, and next target would be at 1.3900 area. On the downside, a breakdown below 1.3740 support will indicate that consolidation of the uptrend is underway, then deeper decline to 1.3650 area could be seen.

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USDCAD Analysis.
USDCAD remains in uptrend from 1.0271. Further rise would likely be seen after a minor consolidation, and next target would be at 1.0500 area. Support is at 1.0400, only break below this level will suggest that lengthier consolidation of the longer term uptrend from 1.0182 is underway, then another fall to 1.0300 area could be seen.

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