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Daily Forex Analysis – July 24, 2012

USDCAD Analysis.
USDCAD remains in downtrend from 1.0445, the rise from 1.0065 is treated as consolidation of the downtrend. Further rise to test 1.0249 key resistance is possible, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.0000 would likely be seen. On the upside, a break above 1.0249 will indicate that the downtrend from 1.0445 has completed at 1.0065 already, then the following upward movement could bring price to 1.0350-1.0400 area.

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AUDUSD Analysis.
AUDUSD had formed a cycle top at 1.0443 on 4-hour chart. Deeper decline would likely be seen in a couple of days, and the target would be at the lower line of the price channel. As long as the channel support holds, the fall from 1.0443 is treated as consolidation of the uptrend from 0.9581 (Jun 1 low), and another rise towards 1.0600 is still possible after consolidation.

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USDCHF Analysis.
USDCHF’s upward movement from 0.9421 extends to as high as 0.9951. Further rise could be expected, and next target would be at 1.0000. Support is at the lower line of the price channel on 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.

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USDJPY Analysis.
USDJPY’s downward movement from 80.09 extends to as low as 77.94. Further decline to test 77.66 previous low support is still possible. Resistance levels are at 78.70 and 79.00, as long as these levels hold, the downtrend will continue.

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GBPUSD Analysis.
GBPUSD’s downward movement extends to as low as 1.5484. Further decline would likely be seen in a couple of days, and next target would be at 1.5400 area. Resistance is at 1.5580, only break above this level could indicate that a cycle bottom is being formed on 4-hour chart.

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EURUSD Analysis.
EURUSD’s downward movement from 1.2747 extends to as low as 1.2067. Further decline could be expected in a couple of days, and next target would be at 1.2000 area. Resistance remains at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.

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