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Daily Forex Analysis – December 30, 2011

USDCHF Analysis.
USDCHF’s bounce from 0.9244 extended to as high as 0.9469. Support is now 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 test 0.9546 previous high resistance could be seen. However, a clear break below the trend line will indicate that a cycle top has been formed at 0.9469, and lengthier consolidation of the longer term uptrend from 0.8569 (Oct 27 low) is underway, then another fall to test 0.9244 support is possible.

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EURUSD Analysis.
EURUSD broke below 1.2946 support, suggesting that the downtrend from 1.4246 (Oct 27 high) has resumed. Further decline could be seen after a minor consolidation, and next target would be at 1.2500. Initial resistance is around 1.3000, only break above this level could trigger another rise to test 1.3196 key resistance.

20111230_eurusd_1

AUDUSD Analysis.
AUDUSD has formed a cycle top at 1.0218 on 4-hour chart. Range trading between 1.0044 and 1.0218 would likely be seen in a couple of days. Resistance is at 1.0218, a break above this level could signal resumption of uptrend from 0.9861, then further rise could be seen to 1.0300 area. Support is at 1.0044, below this level will confirm that he rise from 0.9861 has completed at 1.0218 already, then the following downward move could bring price to 0.9800 zone.

20111230_audusd_1

USDCAD Analysis.
USDCAD broke above the upper border of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 1.0125, and the fall from 1.0422 has completed. Further rise towards 1.0422 previous high is expected over the next several days.

20111230_usdcad_1

GBPUSD Analysis.
GBPUSD broke below 1.5409 support, suggesting that the downtrend from 1.6164 (Oct 31 high) has resumed. Further fall to test 1.5272 (Oct 6 low) support could be seen after a minor consolidation.

20111230_gbpusd_1

USDJPY Analysis.
USDJPY broke below the upward trend line on 4-hour chart, suggesting that a cycle top has been formed at 78.21. Further fall is expected later today, and target would be at 77.00 area. Resistance is at 78.00, as long as this level holds, downtrend will continue.

20111230_usdjpy_1

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