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Daily Forex Analysis – November 29, 2010

USDCHF Analysis.
USDCHF remains in uptrend from 0.9548 and the rise extended to as high as 1.0053 level. Key support is at 0.9848, as long as this level holds, uptrend is expected to continue and another rise to 1.0200 area is still possible. However, a breakdown below 0.9848 will indicate that the upward move from 1.9548 has completed at 1.0053 already, then the following downward move could bring price back to 0.9600-0.9700 zone.

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EURUSD Analysis.
EURUSD remains in bearish movement from 1.3785 and the fall extends to as low as 1.3182 level. Further decline is still in favor and next target would be at 1.3000 area. Resistance is at 1.3400, as long as this level holds, downtrend could be expected to continue.

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USDJPY Analysis.
USDJPY continues its upward movement and the rise extended to as high as 84.19 level. Further rise to 85.00-86.00 area is still possible in a couple of days. Support is at the lower border of the price channel on 4-hour chart, now at 82.95, as long as the channel support holds, uptrend will continue.

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AUDUSD Analysis.
AUDUSD broke below 0.9651 key support, suggesting that the long term uptrend from 0.8066 (May 25 low) has completed at 1.0182 already. The pair is now in downtrend, deeper decline is still possible in a couple of days and next target would be at 0.9400 area. Resistance is at 0.8690 followed by 0.8760.

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GBPUSD Analysis.
GBPUSD drops sharply to as low as 1.5560 level. Further decline is expected in a couple of days and next target would be at 1.5400-1.5500 area. Resistance is at 1.5635 followed by 1.5660, only break above these levels could indicate that consolidation of downtrend is underway.

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USDCAD Analysis.
USDCAD rebounded strongly from 1.0076 last week, suggesting that a cycle bottom had been formed on 4-hour chart. Another rise towards 1.0372 key resistance would more likely be seen in a couple of days. Support is at 1.0175 followed by 1.0155.

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