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Daily Forex Analysis – October 29, 2012

USDJPY Analysis.
USDJPY breaks below 80.00 support, suggesting that a cycle top has been formed at 80.37 on 4-hour chart. Range trading between 79.25 and 80.37 would likely be seen in a couple o f days. Key support is at the lower line of the price channel, as long as the channel support holds, the fall from 80.37 could be treated as consolidation of the uptrend from 77.43, another rise could be expected after consolidation. On the downside, a clear break below the channel support will indicate that the uptrend has completed at 80.37 already, then the following downward movement could bring price back to 76.00 area.

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GBPUSD Analysis.
Being contained by the resistance of the downward trend line from 1.6309 to 1.6178, GBPUSD pulls back from 1.6143. However, another rise to test the trend line resistance would likely be seen, a clear break above the trend line will indicate that the downtrend from 1.6309 has completed, then further rise towards 1.6309 previous high could be seen. On the downside, as long as the trend line resistance holds, the rise from 1.5913 could be treated as consolidation of the downtrend, and one more fall to 1.5800 area to complete the downward move is still possible.

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EURUSD Analysis.
EURUSD continues its downward movement from 1.3138 and the fall extends to as low as 1.2883. Resistance remains at the downtrend line on 4-hour chart, as long as the trend line resistance holds, another fall could be expected and next target would be at 1.2850 area, only a clear break above the trend line could signal completion of the downtrend.

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USDCHF Analysis.
USDCHF remains in uptrend from 0.9214. Another rise could be expected and next target would be at 0.9430 area. Support is at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.

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AUDUSD Analysis.
AUDUSD is facing 1.0410 resistance, a break above this level could signal resumption of the uptrend from 1.0149, then further rise to 1.0500 area could be seen. Support is at 1.0300, only break below this level could trigger another fall towards 1.0000.

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USDCAD Analysis.
USDCAD’s upward movement from 0.9763 extends to as high as 0.9994. Further rise could be expected and next target would be at 1.0050 area. Support is at 0.9940, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then pullback to 0.9900 area could be seen.

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