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Daily Forex Analysis – December 11, 2013

AUDUSD Analysis.
AUDUSD is facing the resistance of the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the rise from 0.8990 could be treated as consolidation of the downtrend from 0.9756 (Oct 23 high), another fall towards 0.8500 could be expected after consolidation. On the upside, a clear break above the channel resistance will indicate that the downward movement from 0.9756 had completed at 0.8990 already, then the following upward movement could bring price to 1.0000 zone.

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USDCAD Analysis.
USDCAD’s fall from 1.0707 extends to as low as 1.0600. Deeper decline could be expected and the target would be at 1.0550 area. Resistance are at 1.0670 and 1.0707, only break above these levels could trigger another rise towards 1.1000.

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USDJPY Analysis.
After touching 103.37 resistance, USDJPY pulls back to 102.57, suggesting that lengthier consolidation of  the uptrend from 96.94 is underway. Another fall to 101.60 area to complete the consolidation would likely be seen. Key support is at 101.00, only break below this level could signal completion of the uptrend.

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USDCHF Analysis.
USDCHF’s downward movement from 0.9249 extends to as low as 0.8850. Further decline could be expected after a minor consolidation, and next target would be at 0.8750 area. Initial resistance is at 0.8920, and the 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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GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5854. Further rise could be expected, and next target would be at 1.6600 area. Support is at 1.6390, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then pullback to 1.6320 area to complete the consolidation could be seen.

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EURUSD Analysis.
EURUSD’s upward movement from 1.3296 extends to as high as 1.3794. Further rise to test 1.3832 (Oct 25 high) resistance could be expected after minor consolidation. Initial support is at 1.3690, and the key support is located 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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