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Daily Forex Analysis – September 28, 2012

USDCHF Analysis.
USDCHF may be forming a cycle top at 0.9417 on 4-hour chart. Key support is now at 0.9325, a breakdown below this level will indicate that the rise from 0.9239 has completed, and the longer term downtrend from 0.9971 (Jul 24 high) has resumed, then further decline towards 0.9000 could be seen. On the other side, as long as 0.9325 support holds, the pair remains in short term uptrend from 0.9239, one more rise to 0.9500 area is still possible.

20120928_usdchf_1

GBPUSD Analysis.
GBPUSD is forming a cycle bottom at 1.6137 on 4-hour chart. Further rise to test 1.6309 resistance would likely be seen, a break above this level will signal resumption of the uptrend from 1.5393 (Jul 12 low), then another rise towards 1.6500 could be seen.

20120928_gbpusd_1

EURUSD Analysis.
EURUSD may be forming a cycle bottom at 1.2829 on 4-hour chart. Key resistance is at 1.2970, a break above this level will signal completion of the downward movement from 1.3171, then further rise towards 1.3171 previous high could be seen. However, as long as 1.2970 resistance holds, one more fall to 1.2750 area is still possible.

20120928_eurusd_1

AUDUSD Analysis.
AUDUSD breaks above the downward trend line on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 1.0624 is underway. Key resistance is at 1.0520, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.0200 is still possible, only break above 1.0520 could signal completion of the downtrend.

20120928_audusd_1

USDCAD Analysis.
USDCAD remains in short term uptrend from 0.9632. Further rise would likely be seen after a minor consolidation, and next target would be at 0.9900 area. Support is at 0.9755, only break below this level could signal completion of the uptrend.

20120928_usdcad_1

USDJPY Analysis.
USDJPY’s downward movement from 79.21 extends to as low as 77.55. Further decline would likely be seen, and next target would be at 77.45 area. Resistance is at 77.95, only break above this level could signal completion of the downtrend.

20120928_usdjpy_1

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