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Daily Forex Analysis – October 26, 2012

GBPUSD Analysis.
GBPUSD is facing the resistance of the downward trend line from 1.6309 to 1.6178, a clear break above the trend line resistance will indicate that the downtrend from 1.6309 had completed at 1.5913 already, then further rise to test 1.6309 previous high resistance could be seen. On the downside, as long as the trend line resistance holds, the rise from 1.5913 would possibly be consolidation of the downtrend, one more fall to 1.5800 area is still possible.

20121026_gbpusd_1

EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend from 1.3138 could be expected to continue, and further decline to test 1.2803 support is possible. Key resistance is now at 1.3025, a break above this level will suggest that the fall from 1.3138 is complete, then another rise to re-test 1.3171 previous high resistance could be seen.

20121026_eurusd_1

USDCHF Analysis.
USDCHF stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.9214. Further rise would likely be seen, and next target would be at 0.9400 area. Key support is at 0.9290, only break below this level could signal completion of the uptrend.

20121026_usdchf_1

AUDUSD Analysis.
AUDUSD had formed a cycle bottom at 1.0236 on 4-hour chart. Another rise to test 1.0410 resistance would likely be seen, a break above this level will confirm that the uptrend from 1.0149 has resumed, then next target would be at 1.0500 area. Support is at 1.0290, only break below this level could trigger another fall to 1.0200 zone.

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USDCAD Analysis.
USDCAD moves sideways in a range between 0.9888 and 0.9975, the price action in the range is likely consolidation of the uptrend from 0.9734. Another rise could be expected after consolidation, and next target would be at 1.0000. Support is at 0.9888, only break below this level could bring price back to 0.9800 zone.

20121026_usdcad_1

USDJPY Analysis.
USDJPY’s upward movement extends to as high as 80.37. Further rise is still possible after a minor consolidation, and next target would be at 81.00 area. Support level is now at 80.00, as long as this level holds, the uptrend will continue.

20121026_usdjpy_1

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