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Daily Forex Analysis – August 29, 2012

EURUSD Analysis.
EURUSD fails to break below the lower line of the price channel on 4-hour chart, and rebounds from 1.2465, suggesting that a cycle bottom is being formed. Initial resistance is at 1.2589, a break above this level will indicate that the uptrend from 1.2241 has resumed, then further rise towards 1.2700 area could be seen. Support remains at the lower line of the channel, only a clear break below the channel support could signal completion of the uptrend, then deeper decline to 1.2400 area could be expected.

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GBPUSD Analysis.
Being contained by the support of the upward trend line on 4-hour chart, GBPUSD rebounds from 1.5753, suggesting that a cycle bottom is being formed. Further rise to test 1.5911 previous high resistance would likely be seen, a break above this level will target 1.6000. Key support is now at 1.5753, only break below this level could signal completion of the uptrend from 1.5490, then further decline to 1.5400-1.5500 area could be expected.

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AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0543. Further decline could be seen after a minor consolidation, and next target would be at 1.0300 area. Resistance levels are at 1.0390 and 1.0430, as long as these levels hold, the downtrend will continue.

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USDCAD Analysis.
USDCAD fails to break below 0.9842 previous low. Another rise would likely be expected, and the target would be at 1.0000 area. Support is at 0.9842, only breakdown below this level could trigger another fall towards 0.9600.

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USDCHF Analysis.
USDCHF may be forming a cycle top at 0.9634 on 4-hour chart. Further decline would likely be seen, and next target would be at 0.9400 area. Resistance is now at 0.9634, only break above this level could signal completion of the downtrend from 0.9809.

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USDJPY Analysis.
No changed in our view, USDJPY remains in downtrend from 79.65, the rise from 78.30 is likely correction of the downtrend. Resistance is at 79.00, as long as this level holds, another fall to test 77.92 support could be expected, a breakdown below this level will target 77.00 zone.

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