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Daily Forex Analysis – November 30, 2011

USDCHF Analysis.
USDCHF had formed a cycle top at 0.9329 on 4-hour chart. Range trading between 0.9085 and 0.9329 would likely be seen in a couple of days. As long as 0.9085 support holds, the price action in the range is treated as consolidation of uptrend from 0.8569, another rise towards 1.0000 is still possible after consolidation, and a break above 0.9329 could signal resumption of uptrend. On the downside, a breakdown below 0.9085 will signal completion of uptrend, then pullback to 0.8400 could be seen.

20111130_usdchf_1

AUDUSD Analysis.
AUDUSD’s upward movement from 0.9663 has extended to as high as 1.0083, suggesting that the downtrend from 1.0751 has completed, and the pair is now in uptrend. Further rise could be seen after a minor consolidation, and next target would be at 1.0250 area.

20111130_audusd_1

GBPUSD Analysis.
GBPUSD broke above the downward price channel on 4-hour chart, suggesting that the downtrend from 1.6092 had completed at 1.5423 already. Range trading between 1.5423 and 1.5700 would likely be seen over the next several days. Key support is at 1.5423, only break below this level could trigger another fall to test 1.5272 (Oct 6 low) support.

20111130_gbpusd_1

USDCAD Analysis.
USDCAD’s fall from 1.0523 extended to as low as 1.0258. Further decline would likely be seen after consolidation, and next target would be at 1.0150 area. Resistance is now at 1.0370, as long as this level holds, downtrend will continue.

20111130_usdcad_1

EURUSD Analysis.
EURUSD broke above the downward trend line on 4-hour chart, suggesting that the downtrend from 1.3866 had completed at 1.3212 already. The rise from 1.3212 is now treated as consolidation of longer term downtrend from 1.4246, range trading between 1.3212 and 1.3500 would likely be seen over the next several days. Support is at 1.3212, only break below this level could signal resumption of downtrend.

20111130_eurusd_1

USDJPY Analysis.
USDJPY stays above a upward trend line on 4-hour chart, and remains in uptrend from 76.56. As long as the trend line support holds, uptrend could be expected to continue, and next target would be at 78.50 area. Only a clear break below the trend line could signal completion of uptrend.

20111130_usdjpy_1

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