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Daily Forex Analysis – December 5, 2013

USDJPY Analysis.
Being contained by the resistance of 103.73 (May 22 high), USDJPY pulls back from 103.37 and breaks below the lower line of the price channel on 4-hour chart, suggesting that consolidation of the uptrend from 96.94 is underway. Sideways movement in a range between 101.50 and 103.37 would likely be seen over the next several days. Key support is at 101.00, as long as this level holds, the uptrend from 96.94 could be expected to resume, and one more rise towards 105.00 is still possible. On the downside, a breakdown below 101.00 will indicate that the upward movement from 96.94 had completed at 103.37 already, then the following downward movement could bring price back to 95.00 zone.

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USDCAD Analysis.
USDCAD continues its upward movement from 1.0414, and the rise extends to as high as 1.0707. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, further rise could be expected after a minor consolidation, and next target would be at 1.0750 area.

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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, only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Analysis.
GBPUSD stays within the upward price channel on 4-hour chart, and remains in uptrend from 1.5854, the fall from 1.6442 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, the uptrend could be expected to continue, and next target would be at 1.6500 area. On the downside, a clear break below the channel support will suggest that the uptrend from 1.5854 had completed at 1.6442 already, then the following downward movement could bring price back to 1.6000 zone.

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AUDUSD Analysis.
After consolidation, AUDUSD continues its downward movement from 0.9446 and reaches as low as 0.8998. Further decline could be expected, and next target would be at 0.8900 area. Resistance is now at 0.9170, only break above this level could signal completion of the downtrend.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.3296, the fall from 1.3621 could be treated as consolidation of the uptrend. Initial support is at 1.3485, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.3700 is still possible.

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