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Daily Forex Analysis – December 9, 2013

USDCAD Analysis.
USDCAD remains in uptrend from 1.0414, the fall from 1.0707 is likely consolidation of the uptrend. Key support is at 1.0622, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.1000 is still possible. On the downside, a breakdown below 1.0622 will indicate that the upward movement from 1.0414 had completed at 1.0707 already, then the following downward movement could bring price back to 1.0500 zone.

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AUDUSD Analysis.
AUDUSD breaks above the resistance of the upper line of the price channel on 4-hour chart, suggesting that consolidation of the downtrend from  0.9756 (Oct 23 high) is underway. Further rally would likely be seen in a couple of days, and the target would be at 0.9200 area. Support is now at 0.8990, only break below this level could trigger another fall towards 0.8500.

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USDJPY Analysis.
USDJPY is facing 103.37 resistance, a break above this level will signal resumption of the uptrend from 96.94, then next target would be at 105.00 area. On the downside, as long as 103.37 resistance holds, sideways movement in a range between 101.63 and 103.37 could be expected to continue, and one more fall to 101.00 area to complete the consolidation of the uptrend from 96.94 is still possible.

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USDCHF Analysis.
USDCHF’s downward movement from 0.9249 extends to as low as 0.8909. Further decline to test 0.8890 (Oct 24 low) support is possible, a breakdown below this level will signal resumption of the longer term downtrend from 0.9455 (Sep 6 high) high, then next target would be at 0.8800 area. Resistance is 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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GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5854, the fall from 1.6442 could be treated as consolidation of the uptrend. Support is at 1.6250, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.7000 is still possible.

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EURUSD Analysis.
EURUSD’s upward movement from 1.3296 extends to as high as 1.3721. Further rise could be expected after a minor consolidation, and next target would be at 1.3800 area. Initial support is at 1.3640, and the key support is at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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