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Daily Forex Analysis – November 23, 2011

GBPUSD Analysis.
GBPUSD’s downward movement from 1.6092 extended to as low as 1.5582. Further fall is still possible after a minor consolidation, and next target would be at 1.5500 area. Resistance is now at the downward trend line on 4-hour chart, a break above the trend line could indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.6092 has completed, then the following upward move could bring price to 1.6400 area.

20111123_gbpusd_1

USDCHF Analysis.
USDCHF continued its sideways movement in a range between 0.9085 and 0.9234. As long as 0.9085 key support holds, we’d expect uptrend to resume, and another rise to test 0.9314 previous high resistance is still possible. On the other side, a breakdown below 0.9085 will indicate that the uptrend from 0.8569 has completed at 0.9234 already, then the following downward move could bring price back to 0.8000 zone.

20111123_usdchf_1

AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0342. 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 is complete.

20111123_audusd_1

USDCAD Analysis.
USDCAD remains in uptrend from 0.9891. Further rise is still possible after a minor consolidation, and next target would be at 1.0500 zone. Support is at the uptrend line on 4-hour chart, only a clear break below the trend line could indicate that the rise is complete.

20111123_usdcad_1

EURUSD Analysis.
EURUSD moved sideways in a range between 1.3421 and 1.3614. The price action in the range is treated as consolidation of downtrend from 1.4246, another fall would likely be seen after consolidation and next target would be at 1.3300 area.

20111123_eurusd_1

USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 76.56 and 77.41. The price action in the range is treated as consolidation of downtrend, another fall towards 75.57 previous low is still possible after consolidation.

20111123_usdjpy_1

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