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Daily Forex Analysis – November 29, 2011

USDCHF Analysis.
USDCHF broke below the lower line of the price channel on 4-hour chart, suggesting that lengthier consolidation of uptrend from 0.8569 is underway. Range trading between 0.9085 and 0.9329 would likely be seen in a couple of days. Key support is at 0.9085, as long as this level holds, uptrend could be expected to resume, and another rise to 0.9500 is still possible. On the other side, a breakdown below 0.9085 will indicate that the rise from 0.8569 had completed at 0.9329 already, then the following downward movement could bring price back to 0.8400 zone.

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AUDUSD Analysis.
AUDUSD’s rise from 0.9663 extended to as high as 0.9975, the subsequent fall suggested that a cycle top was being formed on 4-hour chart. Pullback to 0.9750 area would likely be seen later today. Key resistance is at 1.0000, only break above this level could indicate that the fall from 1.0751 is complete.

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GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6092, the bounce from 1.5423 is treated as consolidation of downtrend. Resistance is located at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, downtrend could be expected to resume, and one more fall towards 1.5272 (Oct 6 low) is still possible, only a clear break above the channel could indicate that the fall is complete.

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USDCAD Analysis.
USDCAD broke below the upward trend line on 4-hour chart, suggesting that the rise from 0.9891 had completed at 1.0523 already. Further decline would likely be seen after consolidation, and next target would be at 1.0200 area.

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EURUSD Analysis.
Being contained by 1.3146 (Oct 4 low) support, EURUSD rebounded from 1.3212. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the bounce would possibly be consolidation of downtrend from 1.3866, another fall towards 1.3146 is still possible, only a clear break above the trend line could indicate that the fall is complete.

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USDJPY Analysis.
USDJPY’s rise from 76.56 extended to as high as 78.27. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue, and further rise to 78.50 area is possible in a couple of days.

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