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Daily Forex Analysis – December 13, 2013

USDCAD Analysis.
USDCAD bounced strongly from 1.0561, suggesting that the fall from 1.0707 had completed. Further rise to test 1.0707 resistance would likely be seen, a break above this level will signal resumption of the uptrend from 1.0182 (Sep 19 low), then next target would be at 1.0850 area. Key support is now at 1.0561, only break below this level will indicate that the uptrend from 1.0182 had completed at 1.0707 already, then the following downward movement could bring price back to 1.0300 zone.

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USDJPY Analysis.
USDJPY broke above 103.39 resistance, suggesting that the uptrend from 96.94 (Oct 25 low) has resumed. Key support is at 101.63, as long as this level holds, the uptrend could be expected to continue, and next target would be at 105.00 area. On the downside, a breakdown below 101.63 support will indicate that the uptrend from 96.94 had completed, then the following downward movement could bring price back to 95.00 zone.

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AUDUSD Analysis.
AUDUSD broke below 0.8990 support, suggesting that the downtrend from 0.9756 (Oct 23 high) has resumed. Further decline to test 0.8847 (Aug 5 low) support would likely be seen. Initial resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend will continue. Key resistance is at 0.9168, only break above this level could signal completion of the downtrend.

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USDCHF Analysis.
USDCHF remains in downtrend from 0.9249, the rise from 0.8839 could be treated as consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall towards 0.8500 is possible after consolidation, only a clear break above the channel resistance could signal completion of the downtrend.

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GBPUSD Analysis.
GBPUSD stays in a trading range between 1.6293 and 1.6465. Key support is at 1.6293, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 1.5854, and one more rise towards 1.7000 is still possible. On the downside, a breakdown below 1.6293 support will indicate that the uptrend from 1.5854 had completed at 1.6465 already, then the following downward movement could bring price back to 1.6000 zone.

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EURUSD Analysis.
Being contained by 1.3832 (Oct 25 high) resistance, EURUSD pulled back from 1.3810, suggesting that consolidation of the uptrend from 1.3296 is underway. Key support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to test 1.3832 resistance is still possible.

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