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Daily Forex Analysis – September 25, 2012

GBPUSD Analysis.
GBPUSD moves sideways in a range between 1.6163 and 1.6309. The price action in the range is likely consolidation of the uptrend from 1.5490 (Aug 2 low). Support is at 1.6163, as long as this level holds, another rise towards 1.6500 could be expected after consolidation, and a break above 1.6309 could signal resumption of the uptrend. On the downside, a breakdown below 1.6163 will indicate that lengthier consolidation of the uptrend is underway, then the pair will find support around 1.6050 area.

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USDCHF Analysis.
USDCHF remains in consolidation of the downtrend from 0.9809 (Aug 10 high), further rise to 0.9400 area to complete the consolidation would likely be seen. Another fall could be expected after consolidation, and a breakdown below 0.9280 could signal resumption of the downtrend.

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EURUSD Analysis.
EURUSD remains in consolidation of the uptrend from 1.2042 (Jul 24 low). Further decline to 1.2800 area to complete the consolidation would likely be seen. Another rise could be expected after consolidation, and a break above 1.3050 could signal resumption of the uptrend.

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AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0624, the rise from 1.0367 is treated as correction of the downtrend. Resistance is a t1.0520, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.0200 is still possible.

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USDCAD Analysis.
USDCAD’s rise from 0.9632 extends to as high as 0.9817. Further rise is still possible and next target would be at 0.9850 area. However, the rise is likely consolidation of the downtrend from 1.0445 (Jun 4 high), a breakdown below 0.9720 support level will signal resumption of the downtrend, then further fall towards 0.9500 could be seen.

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USDJPY Analysis.
USDJPY’s downward movement from 79.21 extends to as low as 77.80. Further decline could be expected, and next target would be at 77.50 area. Resistance is at 78.10, only break above this level could signal completion of the downtrend.

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