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Daily Forex Analysis – November 29, 2012

USDCAD Analysis.
USDCAD remains in downtrend from 1.0055, the bounce from 0.9905 is likely consolidation of the downtrend. Resistance is located 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 to test 0.9874 support could be seen, a breakdown below this level will confirm that the longer term uptrend from 0.9632 (Sep 14) had completed at 1.0055 already, then the following downward move could bring price to 0.9700 area. On the upside, a clear break above the channel resistance will indicate that the downward movement from 1.0055 is complete, then further rise towards 1.0100 could be expected.

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AUDUSD Analysis.
AUDUSD remains in uptrend from 1.0287, the fall from 1.0488 is treated as consolidation of the uptrend. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to 1.0550 is possible after consolidation, only a clear break below the trend line could signal completion of the uptrend.

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EURUSD Analysis.
After touching the lower line of the price channel on 4-hour chart, EURUSD rebounds from 1.2880, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise would likely be seen and next target would be at 1.3100 area. Support is now at 1.2880, only break below this level could signal completion of the uptrend from 1.2661.

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GBPUSD Analysis.
Being supported by the upward trend line on 4-hour chart, GBPUSD rebounds from 1.5962, suggesting that a cycle bottom is being formed. Further rise would likely be seen and next target would be at 1.6100 area. Support is now at 1.5962, only break below this level could signal completion of the uptrend from 1.5827.

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USDJPY Analysis.
USDJPY remains in uptrend from 79.07, the fall from 82.83 is treated as consolidation of the uptrend. 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 stays in a downward price channel on 4-hour chart, and remains in downtrend from 0.9511, and the rise from 0.9254 could be treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 0.9000 area. Resistance is now at 0.9341, only break above this level could signal completion of the downtrend.

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