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Daily Forex Analysis – December 12, 2013

USDJPY Analysis.
USDJPY remains in uptrend from 96.94 (Oct 25 low), the price action in the trading range between 101.63 and 103.39 could be treated as consolidation of the uptrend. Initial support is at 101.63, as long as this level holds, the uptrend could be expected to resume, and another rise towards 105.00 is still possible. Key support is at 101.00, only break below this level will indicate that the uptrend from 96.94 had completed at 103.39 already, then the following downward movement could bring price back to 95.00 zone.

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AUDUSD Analysis.
AUDUSD failed to break above the upper line of the price channel on 4-hour chart, suggesting that the pair remains in downtrend from 0.9756 (Oct 23 high). Key resistance is now at 0.9170, as long as this level holds, the downtrend could be expected to resume, and another fall to test 0.8847 (Aug 5 low) support could be expected after consolidation. On the upside, a break above 0.9170 resistance will indicate that the downward movement from 0.9756 had completed at 0.8990 already, then the following uptrend could bring price to 1.0000 zone.

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USDCAD Analysis.
USDCAD’s fall from 1.0707 extends to as low as 1.0584. Deeper decline could be expected and the target would be at 1.0550 area. Resistance levels are at 1.0650 and 1.0707, only break above these levels could trigger another rise towards 1.1000.

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USDCHF Analysis.
USDCHF continues its downward movement from 0.9249, and the fall extended to as low as 0.8839. Initial resistance is at 0.8920, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.8750 area. Key resistance is located at the falling 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 price action from 1.6442 could be treated as consolidation of the uptrend. Support is at 1.6293, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.7000 is still possible after consolidation. On the downside, a breakdown below 1.6293 support will indicate that the uptrend from 1.5854 had completed, then the target would be at 1.6000 zone.

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EURUSD Analysis.
EURUSD is facing the resistance of 1.3832 (Oct 25 high), consolidation would likely be seen before breaking above this level. Initial support is at 1.3700, and the key support is at the rising trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend from 1.3296.

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