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Daily Forex Analysis – November 27, 2013

GBPUSD Analysis.
GBPUSD stays within a upward price channel on 4-hour chart, and remains in the short term uptrend from 1.5854, the fall from 1.6240 could be treated as consolidation of the uptrend. Support is located at the lower line of the channel, as long as the channel support holds, another rise to re-test 1.6259 (Oct 1 high) resistance is still possible, a break above this level will signal resumption of the longer term uptrend from 1.4813 (Jul 9 low), then the target would be at 1.7000 area. On the downside, a clear break below the channel support will suggest that the upward movement from 1.5854 had completed at 1.6240 already, then the following downward move could bring price back to test 1.5854 support.

20131127_gbpusd_1

USDJPY Analysis.
USDJPY stays within a upward price channel on 4-hour chart, and remains in uptrend from 97.63, as long as the channel support holds, the fall from 101.91 could be treated as consolidation of the uptrend. Another rise could be expected after consolidation, and next target would be at 103.00 area. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 96.94 is underway, then deeper decline to 100.50 area to complete the consolidation could be seen.

20131127_usdjpy_1

USDCAD Analysis.
No changed in our view, USDCAD remains in uptrend from 1.0414, the fall from 1.0583 could be treated as consolidation of the uptrend. Support is at 1.0500, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.0600 could be expected.

20131127_usdcad_1

AUDUSD Analysis.
AUDUSD continues its downward movement from 0.9446, and the fall extends to as low as 0.9088. Further decline could be expected, and next target would be at 0.9000 area. Resistance is now at 0.9205, only break above this level could signal completion of the downtrend.

20131127_audusd_1

EURUSD Analysis.
EURUSD is facing 1.3578 resistance, a break above this level will signal resumption of the uptrend from 1.3296, then next target would be at 1.3700 area. On the downside, as long as 1.3578 resistance holds, the rise from 1.3399 would possibly be correction of the downtrend from 1.3578, one more fall towards 1.3200 is still possible.

20131127_eurusd_1

USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, and remains in downtrend from 0.9249. 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 suggest that the downward movement from 0.9249 has completed, then the following upward move could bring price back to 0.9450 zone.

20131127_usdchf_1

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