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Daily Forex Analysis – October 19, 2010

USDCHF Analysis.
USDCHF has reached the upper border of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9463 level. Further rally towards 0.9727 is still possible later today, a break above this level will indicate that the fall from 1.0277 has completed at 0.9463 already, then the following upward move could bring price to 1.0000 zone. However, as long as 0.9727 key resistance holds, downtrend is expected to resume, and another fall to 0.9300 is expected.

20101019_usdchf_1

USDCAD Analysis.
USDCAD failed to break above 1.0232 key resistance and pulled back from 1.0227, however one more rise to re-test 1.0232 is still possible later today, a break above this level will indicate that the downward movement from 1.0672 (Aug 31 high) has completed at 0.9979 already, then the following uptrend could bring price to 1.0600 area. Support is at 1.1000, below this level will indicate that sideways movement is underway, then range trading between 0.9979 and 1.0232 could be seen.

20101019_usdcad_1

GBPUSD Analysis.
GBPUSD is facing the lower border of the price channel on 4-hour chart. Rebound would more likely be seen before breaking below the channel support. Key support is at 1.5755, as long as this level holds, the fall from 1.6105 is treated as consolidation of uptrend from 1.5296, and another rise to 1.6200 is still possible. However, below 1.5755 will indicate that the rise from 1.5296 has completed at 1.6105 already, then deeper decline could be seen to 1.5400 area.

20101019_gbpusd_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.2587, and the price action from 1.4029 is treated as consolidation of uptrend. As long as 1.3775 key support holds, we’d expect uptrend to resume and another rise to 1.4200-1.4300 area is still possible after consolidation. However, a breakdown below 1.3775 could indicate that the rise from 1.2587 has completed at 1.4152 already, then pullback to 1.3500 area could be seen to follow.

20101019_eurusd_1

AUDUSD Analysis.
Being supported by the lower boundary of the price channel on 4-hour chart, AUDUSD rebounded from 0.9800, suggesting that a cycle bottom is being formed. Range trading between 0.9800 and 0.9998 would more likely be seen in a couple of days. Resistance is at 0.9998, above this level will indicate that the uptrend from 0.8771 has resumed, then further rise to 1.0100-1.0200 area could be seen.

20101019_audusd_1

USDJPY Analysis.
USDJPY stays in a falling price channel on 4-hour chart and remains in downtrend from 85.92. The bounce from 80.88 is treated as consolidation of downtrend, further rally towards the upper border of the channel would more likely be seen.

20101019_usdjpy_1

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