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Daily Forex Analysis – December 29, 2010

AUDUSD Analysis.
AUDUSD stays above a uptrend line on 4-hour chart and remains in uptrend. As long as the trend line support holds, uptrend is expected to continue and another rise towards 1.0182 resistance is still possible later today. However, a clear break below this trend line will suggest that a cycle top is being formed. Key support is located at 0.9987, a breakdown below this level could bring price back to 0.9600-0.9700 area.

20101229_audusd_1

USDCHF Analysis.
USDCHF continues its downward move from 1.0066 and the fall extended to as low as 0.9435 level. As long as the channel resistance holds, downtrend could be expected to continue and next target would be at 0.9300 area. Key resistance is at 0.9663, only break above this level could indicate that the downward movement from 1.0066 is complete.

20101229_usdchf_1

USDJPY Analysis.
USDJPY remains in downtrend. The fall from 84.49 extended to as low as 81.81 level. Another fall is still possible and next target would be at 81.50 area. Resistance is at 83.00, only break above this level could indicate that the fall from 84.49 is complete.

20101229_usdjpy_1

EURUSD Analysis.
EURUSD is forming a cycle top at 1.3274 level on 4-hour chart. Key support is at 1.3055, a breakdown below this level will confirm the cycle top, then another fall towards 1.2800 could be seen. Resistance is at 1.3274, only break above this level could bring price back towards 1.3497 previous high.

20101229_eurusd_1

GBPUSD Analysis.
After consolidation, GBPUSD continues its bearish movement from 1.5910, and the fall extended to as low as 1.5345 level. Deeper decline to test  1.5296 (Sep 7 low) long term key support is still possible, a break below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete.

20101229_gbpusd_1

USDCAD Analysis.
USDCAD broke below 0.9977 support and reached as low as 0.9974 level. Downtrend is possible to continue later toady and next target would be at 0.9930 (Apr 21 low). Resistance is at 1.0075, only break above this level could indicate that the fall from 1.0207 is complete.

20101229_usdcad_1

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