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Daily Forex Analysis – January 27, 2012

USDCHF Analysis.
USDCHF’s downward movement from 0.9594 extended to as low as 0.9156. Resistance is now at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9050 area. On the upside, a clear break above the trend line will indicate that a cycle bottom is being formed on 4-hour chart, then consolidation of downtrend could be seen to follow.

20120127_usdchf_1

USDJPY Analysis.
After touching the 78.27 (Nov 29, 2011 high) resistance, USDJPY pulled back from 78.28, suggesting that a cycle top has been formed on 4-hour chart. However, the fall would possibly be correction of uptrend from 76.55, another rise towards 79.52 is still possible after correction.

20120127_usdjpy_1

AUDUSD Analysis.
AUDUSD’s upward movement from 0.9861 extended to as high as 1.0687. Further rise is still possible after a minor consolidation, and next target would be at 1.0750 area. Support is at 1.0500, as long as this level holds, uptrend could be expected to continue, however, a breakdown below this level will indicate that a cycle top has been formed on 4-hour, then the pair will find support around the lower border of the price channel.

20120127_audusd_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.2624, and the rise extended to as high as 1.3183. Support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue, and next target would be at 1.3300 area, only a clear break below the trend line could indicate that the uptrend is complete.

20120127_eurusd_1

USDCAD Analysis.
USDCAD’s downward movement from 1.0318 extended to as low as 0.9981. Resistance is now at the downward trend line on 4-hour chart, as long s the trend line resistance holds, downtrend will continue, and next target would be at 0.9900 area, only a clear break above the trend line could signal completion of the downtrend.

20120127_usdcad_1

GBPUSD Analysis.
GBPUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.5236. As long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.5800 area, only a clear break below the trend line could signal completion of the uptrend.

20120127_gbpusd_1

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