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Daily Forex Analysis – September 27, 2012

USDCHF Analysis.
USDCHF continues its upward movement from 0.9239, and the rise extends to as high as 0.9417. Further rise is still possible, and next target would be at 0.9500 area. However, the rise is treated as consolidation of the downtrend from 0.9971 (Jul 24 high), as long as 0.9500 level holds, the downtrend could be expected to resume, and another fall towards 0.9000 is still possible, only break above 0.9500 could signal completion of the downtrend.

20120927_usdchf_1

GBPUSD Analysis.
GBPUSD breaks below 1.6163 support, suggesting that lengthier consolidation of the uptrend from 1.5393 (Jul 12 low) is underway. Range trading between 1.6050 and 1.6309 would likely be seen over the next several days. Support is at 1.6050, as long as this level holds, we’d expect uptrend to resume, and another rise 1.6500 is still possible after consolidation.

20120927_gbpusd_1

EURUSD Analysis.
EURUSD’s downward movement from 1.3171 extends to as low as 1.2835. Further decline is still possible, and next target would be at 1.2750. Support is at 1.2750, as long as this level holds, the fall is treated as consolidation of  the uptrend from 1.2042 (Jul 24 low), and another rise towards 1.3500 is possible after consolidation, only break below 1.2750 could signal completion of the uptrend.

20120927_eurusd_1

AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0624. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0300 area.

20120927_audusd_1

USDCAD Analysis.
USDCAD’s rise from 0.9632 extends to as high as 0.9859. Further rise is still possible, and next target would be at 0.9900. As long as 0.9900 level holds, the rise could be treated as consolidation of the downtrend from 1.0445 (Jun 4 high), and another fall towards 0.9500 is still possible. Support is now at 0.9750, a breakdown below this level could signal resumption of the downtrend.

20120927_usdcad_1

USDJPY Analysis.
USDJPY’s downward movement from 79.21 extends to as low as 77.58. Resistance is at 77.95, as long as this level holds, further decline is still possible after a minor consolidation, and next target would be at 77.45 area, only break above 77.95 could signal completion of the downtrend.

20120927_usdjpy_1

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