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Daily Forex Analysis – November 22, 2011

USDCHF Analysis.
USDCHF moved sideways in a range between 0.9085 and 0.9234 for several days. The price action in the range is likely consolidation of uptrend from 0.8569, one more rise towards 0.9314 previous high is still possible after consolidation. Initial support remains at the lower border of the price channel on 4-hour chart, as long as the channel support holds, uptrend could be expected to resume. Key support is now at 0.9085, only break below this level could indicate that the rise from 0.8569 is complete, then the following downward move could bring price back to 0.8000 area.

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AUDUSD Analysis.
AUDUSD’s downward movement from 1.0342 has extended to as low as 0.9809. Resistance is now located at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9700 area, only a clear break above the trend line could indicate that the fall from 1.0342 is complete.

20111122_audusd_1

USDCAD Analysis.
USDCAD’s upward move from 0.9891 has reached as high as 1.0418. Support is now at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.0500 zone. On the other side, a clear break below the trend line will indicate that the rise from 0.9891 has completed, then deeper decline towards 0.9600 could be seen.

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EURUSD Analysis.
EURUSD stays in a trading range between 1.3421 and 1.3614. The price action in the range is treated as consolidation of downtrend from 1.4246, as long as 1.3614 resistance holds, we’d expect downtrend to resume and another fall to 1.3300 is still possible.

20111122_eurusd_1

GBPUSD Analysis.
GBPUSD continued its downward movement from 1.6092, and the fall extended to as low as 1.5612. Further decline is still possible after a minor consolidation, and next target would be at 1.5500 area. Resistance is at 1.5800, as long as this level holds, downtrend will continue.

20111122_gbpusd_1

USDJPY Analysis.
USDJPY broke above the upper border of the price channel on 4-hour chart, suggesting that lengthier consolidation of downtrend is underway. Range trading between 76.56 and 77.41 would likely be seen in a couple of days.

20111122_usdjpy_1

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