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Daily Forex Analysis – June 29, 2012

USDCHF Analysis.
USDCHF’s upward movement from 0.9421 extends to as high as 0.9678. Support is now located 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 towards 0.9769 previous high is still possible. On the downside, a clear break below the trend line will indicate that a cycle top has been formed, and consolidation of the uptrend is underway, then pullback to 0.9500 area could be seen.

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USDJPY Analysis.
USDJPY breaks below the support of the lower line of the price channel on 4-hour chart, suggesting that the upward movement from 77.66 has completed at 80.62 already. Further decline would likely be seen over the next several trading days, and next target would be at 78.00 area. Resistance is at 79.85, only break above this level could trigger another rise towards 83.00 area.

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GBPUSD Analysis.
GBPUSD continues its downward movement from 1.5776, and the fall extends to as low as 1.5484. Further decline is still possible after a minor consolidation, and next target would be at 1.5350 area. Resistance is at 1.5600, only break above this level could signal completion of the downtrend.

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EURUSD Analysis.
EURUSD continues its downward movement from 1.2747, and the fall extends to as low as 1.2407. Further decline could be expected after a minor consolidation, and next target would be at 1.2300 area. Resistance is at 1.2500, only break above this level could indicate that the fall is completed.

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AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0223, the price action from 0.9968 is treated as consolidation of the downtrend. Deeper decline could be expected after consolidation, and next target would be at 0.9850 area. Key resistance is at 1.0223, only break above this level could trigger another rises to 1.0400 area.

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USDCAD Analysis.
USDCAD’s rise from 1.0159 extends to as high as 1.0361. However, the rise from 1.0159 is likely correction of the downtrend from 1.0445, another fall towards 1.0000 is still possible after correction. Support is now at the upward trend line on 4-hour chart, a clear break below the trend line support could signal resumption of the downtrend.

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