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Daily Forex Analysis – August 24, 2009

USDCAD Analysis.
USDCAD broke below 1.0795 support last week. The pair is now in short term downtrend from 1.1124. Deeper decline to 1.0700 is expected later today. Near term resistance is at 1.0860, as long as this level holds, downtrend will continue. Key resistance is located at 1.0950, a break above this level will suggesting that a short term cycle bottom has been formed and the downtrend from 1.1124 has completed, then the following uptrend will take price back to re-test 1.1124 resistance.

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USDJPY Analysis.
USDJPY breaks above 94.55 key resistance, suggesting that a short term cycle bottom has been formed at 93.42 level on 4-hour chart. Range trading between 93.42 and 95.28 is expected in a couple of days. However the price action in the trading range is treated as consolidation of downtrend. Deeper decline to 90.00 zone is still possible after consolidation.

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GBPUSD Analysis.
GBPUSD stays in a trading range between 1.6275 and 1.6663. As long as 1.6663 resistance holds, we would expect downtrend to resume and deeper decline to 1.6000 zone is still possible. However, a break above 1.6663 key resistance will suggest that the downtrend from 1.7042 has completed at 1.6275 level already, then further rally could be seen to 1.6800-1.6850 area.

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EURUSD Analysis.
EURUSD breaks above 1.4327 key resistance, suggesting that the uptrend from 1.3748 (June 16 low) has resumed. Further rally is now in favor and next target is to test 1.4447 previous high resistance. Near term support is at 1.4280 followed by 1.4200, as long as these levels hold, uptrend from 1.4045 will continue.

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USDCHF Analysis.
USDCHF broke below 1.0562 previous low support last week. Deeper decline is now in favor and next target would be at 1.0500 zone. Near term resistance is at 1.0620 followed by 1.0685, as long as these levels hold, the short term downtrend from 1.0834 will continue.

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AUDUSD Analysis.
AUDUSD rebounded from 0.8155 level. Further rise is expected to test 1.8477 resistance, as long as this level holds, we’d expect downtrend to resume, and pullback towards 1.0700 is possible. However, a break above 0.8477 previous high resistance will suggest that the uptrend from 0.7703 has resumed, then further rally could be seen to 0.8700 zone.

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