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Daily Forex Analysis – January 23, 2009

USDCAD Analysis.
USDCAD is forming a short term cycle top at 1.2765 on 4-hour chart. Pullback to test 1.2316 support is now in favor. A break below this level will indicate that the uptrend from 1.1761 has completed, and then deeper decline could be seen to 1.2000 zone. Near term resistance is at 1.2765, above this level will signal further rally to 1.2900 level.

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EURUSD Analysis.
EURUSD consolidates in a narrow range between 1.2824 and 1.3085. Deeper decline is still possible after consolidation, and a break below 1.2824 will signal further fall to 1.2650 zone. Initial resistance is at 1.3085, and key resistance is at 1.3385, a break above this level will indicate that the medium term downtrend from 1.4719 has completed, and the following rebound will take price to 1.4000 zone.

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USDJPY Analysis.
USDJPY remains in downtrend. The rebound from 87.12 is treated as correction of downtrend. Deeper decline is expected to 84.00 zone after consolidation. Key resistance is at 91.29, above this level will indicated the the fall from 94.61 has completed.

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GBPUSD Analysis.
GBPUSD trades in a narrow range between 1.3621 and 1.4025. The price action from 1.3621 is treated as consolidation of downtrend. Deeper decline is still possible. A break down below 1.3621 previous low will indicate that the short term downtrend from 1.4980 has resumed. The target would be at 1.3300 zone.

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USDCHF Analysis.
No changed in our view, USDCHF stays above 1.1380 support and remains in uptrend. Further rise is still possible to 1.1800 level in a couple of days. Initial support is at 1.1380, as long as this level holds, we’d expect uptrend to continue. However, below this level will indicate that a short term cycle top is being formed, and pullback towrds1.1200 is expected to follow.

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AUDUSD Analysis.
AUDUSD is forming a sideways consolidation in a range between 0.6454 and 0.6656. As long as 0.6656 resistance holds, we’d expect downtrend to resume, and deeper decline to 0.6300 is possible, and a break below 0.6454 level will confirm the resumption of downtrend.

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