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Daily Forex Analysis – January 20, 2012

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9861, the price action from 1.0448 is treated as consolidation of uptrend. Support is at the lower line of the price channel on 4-hour chart, as long as this channel support holds, uptrend could be expected to resume, and one more rise towards 1.0600 is still possible. On the downside, a clear break below the lower line of the channel will indicate that a cycle top has been formed at 1.0448, then further fall to test 1.0145 key support could be seen.

20120120_audusd_1

USDCHF Analysis.
USDCHF is facing 0.9304 support, a breakdown below this level will suggest that the uptrend from 0.8569 (Oct 27, 2011 low) has completed at 0.9594 already, then the following downward move could bring price back to 0.8850 zone.

20120120_usdchf_1

EURUSD Analysis.
EURUSD broke above 1.2878 resistance and reached as high as 1.2971. Further rise is still possible later today, and next target would be at 1.3050 area. Initial support is at 1.2830, only break below this level could signal completion of the short term uptrend from 1.2624.

20120120_eurusd_1

USDCAD Analysis.
USDCAD broke below 1.0076 support and reached as low as 1.0069. Resistance is at 1.0175, as long as this level holds, downtrend from 1.0318 could be expected to continue, and next target would be at 1.0000 area, only break above 1.0175 could trigger another rise to test 1.0318 resistance.

20120120_usdcad_1

GBPUSD Analysis.
GBPUSD’s rise from 1.5236 extended to as high as 1.5494. Further rally is still possible later today, and next target would be at 1.5600 area. Initial support is at 1.5400, only break below this level could signal completion of the short term uptrend.

20120120_gbpusd_1

USDJPY Analysis.
USDJPY has formed a cycle bottom at 76.55 on 4-hour chart, and is now facing 77.32 resistance, a break above this level will confirm that the fall from 78.21 has completed, then the following upward movement could bring price to 79.00-80.00 area. Support is at 76.95, below this level will suggest that sideways consolidation is underway, and the trading range would be between 76.55 and 77.32.

20120120_usdjpy_1

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