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Daily Forex Analysis – December 2, 2013

GBPUSD Analysis.
GBPUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.5854, and the rise extends to as high as 1.6442. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.6500 area. On the downside, a clear break below the trend line support will suggest that the uptrend from 1.5854 has completed, then the following downward movement could bring price back to 1.6000 zone.

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USDJPY Analysis.
USDJPY’s upward movement from 97.63 extends to as high as 102.60. Support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 103.50 area. On the other side, 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.

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USDCHF Analysis.
USDCHF remains in downtrend from 0.9249, and the fall extends to as low as 0.9028. Initial resistance is at 0.9090, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.8950 area. Key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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USDCAD Analysis.
USDCAD’s upward movement from 1.0414 extends to as high as 1.0628. Support is at 1.0559, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0700 area. On the downside, a breakdown below 1.0559 support will indicate that the uptrend from 1.0414 has completed, then the pair will find support around 1.0500.

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AUDUSD Analysis.
AUDUSD remains in downtrend from 0.9446, the rise from 0.9055 is likely consolidation of the downtrend. Resistance is at 0.9200, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.8900 is still possible. On the upside, a break above 0.9200 resistance will indicate that lengthier consolidation of the longer term downtrend from 0.9756 is underway, then further rise to 0.9300 area to complete the consolidation could be seen.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.3399. Further rise could be expected after a minor consolidation, 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.

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