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Daily Forex Analysis – November 30, 2010

EURUSD Analysis.
EURUSD’s bearish movement from 1.3785 extended to as low as 1.3064 level. Downtrend is expected to continue in a coup0le of days and next target would be at 1.2900 area. Resistance is at 1.3250, only break above this level could indicate that consolidation of downtrend is underway, then bounce toward the downtrend line from 1.4281 to 1.3785 could be seen.

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USDCHF Analysis.
USDCHF traded in a narrow range between 0.9983 and 1.0253. The price action in the trading range is likely consolidation of uptrend from 0.9848. As long as 0.9983 level holds, uptrend is expected to resume and another rise to 1.0200 area is still possible. However, a breakdown below 0.9983 level could bring price back to re-test 0.9848 key support.

20101130_usdchf_1

USDJPY Analysis.
USDJPY remains in uptrend from 82.78 and the rise extended further to as high as 84.40 level. Uptrend is expected to continue in a couple of days and next target would be at 84.50-85.00 area. Support is at 83.80, only break below this level could indicate that a cycle top has been formed on 4-hour chart, then pullback to test 82.78 support could be seen.

20101130_usdjpy_1

AUDUSD Analysis.
AUDUSD’s downward movement extended to as low as 0.9566 level. Resistance is at 0.9699, as long as this level holds, downtrend is expected to continue and next target would be at 0.9450-0.9500 area.

20101130_audusd_1

GBPUSD Analysis.
GBPUSD continues its downward move from 1.6093 and the fall extended to as low as 1.5527 level. Deeper decline is still possible in a couple of days and next target would be at 1.5400 area. Resistance is at 1.5646 level.

20101130_gbpusd_1

USDCAD Analysis.
USDCAD had formed a cycle bottom at 1.0076 level on 4-hour chart. Another rise to re-test 1.0263 resistance is expected later today, a break above this level will target 1.0372 key resistance. Support is at 1.0155, only break below this level could bring price to a sideways movement in a range between 1.0076 and 1.0263.

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