Daily Forex Analysis – December 1, 2011

EURUSD Analysis.
EURUSD is facing resistance of the price channel on 4-hour chart, a clear break above the channel will indicate that the downtrend from 1.4246 had completed at 1.3212 already, then the following upward move could bring price to 1.3900 area. As long as the channel resistance holds, the rise from 1.3212 is treated as consolidation of downtrend, and one more fall to test 1.3146 (Oct 4 low) support is still possible.

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USDCHF Analysis.
USDCHF broke below 0.9085 support, however, the fall from 0.9329 is likely consolidation of uptrend from 0.8569, range trading between 0.8950 and 0.9329 is expected over the next several days. Key support is now at 0.8950, only break below this level could trigger another fall towards 0.8400.

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AUDUSD Analysis.
AUDUSD continued its upward movement from 0.9663, and the rise extended to as high as 1.0327. Further rise is still possible in a couple of days, and next target would be at 1.0500 area. Support is now located at the upward trend line on 4-hour chart, only a clear break below the trend line could indicate that the rise is complete.

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GBPUSD Analysis.
GBPUSD is facing resistance of the downward channel on 4-hour chart, a clear break above the channel will indicate that the downtrend from 1.6164 had completed at 1.5423 already, then the following upward movement could bring price to 1.6400 area. On the downside, if the channel resistance holds, another fall to test 1.5272 (Oct 6 low) support could be seen.

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USDCAD Analysis.
USDCAD is now in downtrend from 1.0523. Further fall could be seen after a minor consolidation, and next target would be at 1.0000. Resistance is at 1.0250, as long as this level holds, downtrend will continue.

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USDJPY Analysis.
USDJPY broke below the upward trend line on 4-hour chart, suggesting that a cycle top had been formed at 78.27 on 4-hour chart, and the rise from 76.56 had completed. Further fall would likely be seen over the next several days, and target would be at 76.00 area.

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