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Daily Forex Analysis – December 22, 2010

USDJPY Analysis.
USDJPY might be forming a cycle bottom at 83.50 level on 4-hour chart. Key resistance is at 84.00, a break above the level could confirm the cycle bottom and indicate that the fall from 84.49 has completed, then another rise to re-test 84.49 resistance could be seen. However, as long as 84.00 resistance holds, the pair remains in short term downtrend from 84.49, and one more fall to 83.00 is still possible.

20101222_usdjpy_1

USDCHF Analysis.
USDCHF is facing 0.9548 support again, below this level could target 0.9500 area. Initial resistance is at the falling trend line on 4-hour chart, and the key resistance is at 0.9733, only break above this level could indicate that the fall from 1.0066 is complete.

20101222_usdchf_1

AUDUSD Analysis.
AUDUSD bounced from the bottom of the price channel and formed a cycle bottom at 0.9830 level on 4-hour chart, and the bounce extended to  as high as 0.9992. Further rise towards 1.0027 resistance is expected later today, a break above this level could target 1.0100 area. Key support is now at 0.9830, only fall below this level could indicate that the rise from 0.9537 is complete.

20101222_audusd_1

EURUSD Analysis.
EURUSD stays below a downtrend line on 4-hour chart and remains in downtrend from 1.3497, and the fall extended to as low as 1.3073 level. As long as the trend line resistance (now at 1.3225) holds, downtrend is expected to continue and next target would be at 1.3000 area.

20101222_eurusd_1

GBPUSD Analysis.
GBPUSD’s downward move from 1.5910 extends to as low as 1.5435 level. Resistance is now at 1.5575, as long as this level holds, downtrend is expected to continue and next target would be at 1.5350-1.5400 area.

20101222_gbpusd_1

USDCAD Analysis.
USDCAD remains in uptrend from 1.0001. As long as 1.0151 support holds, uptrend is expected to continue and another rise to 1.0250 could be expected. Key support is at 1.0125, a breakdown below this level will indicate that the rise from 1.0001 is complete.

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