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Daily Forex Analysis – December 4, 2013

USDCAD Analysis.
USDCAD’s upward movement from 1.0414 extends to as high as 1.0672, the subsequent fall suggest that consolidation of the uptrend is underway. Support is located at the lower line of the rising price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.0700 could be expected after consolidation. On the downside, a clear break below the channel support will indicate that the uptrend from 1.0414 had completed at 1.0672 already, then the following downward movement could bring price back to 1.0500 zone.

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USDCHF Analysis.
USDCHF continues its downward movement from 0.9249 and the fall extends to as low as 0.9020. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, further decline could be expected, and next target would be at 0.8950 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend from 0.9249 has completed, then the following upward movement could bring price to 0.9450 zone.

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GBPUSD Analysis.
GBPUSD 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 price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.6500 is still possible. 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 remains in uptrend from 97.63, the fall from 103.37 is likely consolidation of the uptrend. 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 resume, and another rise towards 105.00 is still possible. 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 pullback to 101.50 area could be seen.

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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 remains in uptrend from 1.3296, the price action from 1.3578 could be treated as consolidation of the uptrend, pullback to 1.3430 to complete the 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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