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Daily Forex Analysis – November 28, 2013

USDCHF Analysis.
USDCHF continues its downward movement from 0.9249, and the fall extends to as low as 0.9040. Key resistance is 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 suggest that the downward movement from 0.9249 has completed, then the following upward move could bring price back to 0.9450 zone.

20131128_usdchf_1

GBPUSD Analysis.
GBPUSD break above 1.6259 (Oct 1 high) resistance, suggesting that the uptrend from 1.4813 (Jul 9 low) has resumed. Support is located at the rising trend line on 4-hour chart, as long as the trend line support holds, the uptrend from 1.5854 could be expected to continue, and next target would be at 1.6500 area.

20131128_gbpusd_1

USDJPY Analysis.
After consolidation, USDJPY continues its upward movement from 97.63, and the rise extends to as high as 102.27. Support is located at the lower line of the price channel on 4-hour chart, as long as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 103.00 area. However, a clear break below the channel support will indicate that consolidation of the longer term uptrend from 96.94 is underway, then pullback to 100.50 area could be seen.

20131128_usdjpy_1

USDCAD Analysis.
USDCAD’s upward movement from 1.0414 extends to as high as 1.0602. Further rise could be expected, and next target would be at 1.0650 area. Support is now at 1.0550, only break below this level could signal completion of the uptrend.

20131128_usdcad_1

AUDUSD Analysis.
AUDUSD’s downward movement from 0.9446 extends to as low as 0.9064. Further decline could be expected after a minor consolidation, and next target would be at 0.9000 area. Resistance is at 0.9205, only break above this level could signal completion of the downtrend.

20131128_audusd_1

EURUSD Analysis.
EURUSD breaks above 1.3578 resistance and reaches as high as 1.3612, suggesting that the uptrend from 1.3296 has resumed. Further rise could be expected over the next several days, and next target would be at 1.3700 area. Support is at 1.3530, only break below this level will indicate that lengthier consolidation of the uptrend from 1.3296 is underway, then deeper decline to 1.3430 area could be seen.

20131128_eurusd_1

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