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Daily Forex Analysis – November 28, 2012

USDCAD Analysis.
USDCAD breaks above the downward trend line on 4-hour chart, suggesting that consolidation of the downtrend from 1.0055 is underway. Range trading between 0.9905 and 1.0000 would likely be seen. Key resistance is at 1.0000, as long as this level holds, the downtrend could be expected to resume after consolidation, and another fall towards 0.9632 (Sep 14) low is possible. On the upside, a break above 1.0000 will indicate that the uptrend from 0.9632 has resumed, then further rise to 1.0100 area could be seen.

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AUDUSD Analysis.
AUDUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0287. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.0550 area, only a clear break below the trend line could signal completion of the uptrend.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.2661, the fall from 1.3008 could be treated as consolidation of the uptrend. Support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise to 1.3100 is possible after consolidation, only a clear break below the channel support could signal completion of the uptrend.

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GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5827. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.6100 area, only a clear break below the trend line could signal completion of the uptrend.

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USDJPY Analysis.
USDJPY is in consolidation of the uptrend from 79.07. Range trading between 81.40 and 82.83 would likely be seen in a couple of days. As long as 81.40 support holds, the uptrend could be expected to resume, and another rise towards 85.00 is still possible.

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USDCHF Analysis.
USDCHF remains in downtrend from 0.9511, the rise from 0.9254 is likely consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall towards 0.9000 is still possible, only a clear break above the channel resistance could signal completion of the downtrend.

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