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Daily Forex Analysis – October 22, 2012

USDCHF Analysis.
USDCHF break above 0.9270 resistance, suggesting that a cycle bottom has been formed at 0.9214 on 4-hour chart, and lengthier consolidation of the downtrend from 0.9971 (Jul 24 high) is underway. Further rise would likely be seen and next target would be at 0.9350 area. Support is at 0.9214, only break below this level could signal resumption of the downtrend from 0.9431, then another fall towards 0.9000 could be seen.

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EURUSD Analysis.
EURUSD breaks below 1.3025 support, suggesting that a cycle top has been formed on 4-hour chart. Deeper decline would likely be seen, and next target would be at 1.2900 area. Resistance is at 1.3138, only break above this level could trigger another rise towards 1.3500.

20121022_eurusd_1

GBPUSD Analysis.
GBPUSD is facing 1.5976 support, a breakdown below this level will confirm that the downtrend from 1.6309 has resumed, then further decline to 1.5800 area could be expected. Key resistance remains at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.

20121022_gbpusd_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 1.0149, the fall from 1.0410 is likely consolidation of the uptrend. Another rise towards 1.0500 could be expected after consolidation, and a break above 1.0365 could signal resumption of the uptrend. Support is at 1.0300, as long as this level holds, the uptrend will continue.

20121022_audusd_1

USDCAD Analysis.
USDCAD break above 0.9884 resistance, suggesting that lengthier consolidation of the downtrend from 1.0445 (Jun 4 high) is underway. Further rise could be expected, and the target would be at 1.0000 area. Support level is at 0.9763, only break below this level could indicate that the upward movement from 0.9632 is complete.

20121022_usdcad_1

USDJPY Analysis.
USDJPY remains in uptrend from 77.94 and the rise extends to as high as 79.46. Support is at 79.00, as long as this level holds, the uptrend could be expected to continue after a minor consolidation, and next target would be at 80.00 area, only break below 79.00 could indicate that a cycle top is being formed on 4-hour chart.

20121022_usdjpy_1

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