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Daily Forex Analysis – December 3, 2013

USDCHF Analysis.
USDCHF 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 0.9249 had completed at 0.9028 already, then the following upward movement could bring price back to 0.9450 area. On the downside, as long as the trend line resistance holds, the rise from 0.9028 would possibly be consolidation of the downtrend from 0.9249, and one more fall to 0.8950 – 0.9000 area is still possible.

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GBPUSD Analysis.
GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.5854, the fall from 1.6442 is likely consolidation of the uptrend. Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.6500 is still possible after consolidation. On the downside, a clear break below the channel support will indicate that the upward movement from 1.5854 had completed at 1.6442 already, then the following downward move could bring price to 1.6000 zone.

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USDJPY Analysis.
USDJPY continues its upward movement from 97.63, and the rise extends to as high as 103.16. Further rise could be expected after a minor consolidation, and next target would be at 103.50 area. Support is located at the lower line of the price channel on 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.

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USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0414. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.0700 area. On the downside, a clear break below the trend line support will  indicate that the uptrend from 1.0414 has completed, then the following downward movement could bring price back to 1.0500 zone.

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AUDUSD Analysis.
AUDUSD remains in downtrend from 0.9756, the rise from 0.9055 is likely consolidation of the downtrend. Support is at 0.9055, as long as this level holds, the consolidation could be expected to continue, and one more rise to 0.9250 area to complete the consolidation is possible. However, a breakdown below 0.9055 will signal resumption of the downtrend, then further decline to 0.8900 area is possible.

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EURUSD Analysis.
EURUSD breaks below 0.3530 support, suggesting that lengthier consolidation of the uptrend from 1.3296 is underway. Another fall to 1.3430 area to complete that consolidation would likely be seen. Resistance is at 1.3621, only break above this level could trigger another rise towards 1.3700.

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