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Daily Forex Analysis – December 20, 2012

USDCAD Analysis.
USDCAD breaks above the upper line of the price channel on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 1.0055 is underway. Range trading between 0.9824 and 0.9920 would likely be seen in a couple of days. Resistance is at 0.9920, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.9700 is still possible, and a breakdown below 0.9850 could signal resumption of the downtrend.

20121220_usdcad_1

AUDUSD Analysis.
AUDUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that the uptrend from 1.0287 has completed at 1.0585 already. Further decline would likely be seen, and next target would be at 1.0400 area. Resistance is now at 1.0540, only break above this level could trigger another rise towards 1.0624 (Sep 14 high).

20121220_audusd_1

EURUSD Analysis.
EURUSD breaks below the upward trend line on 4-hour chart, suggesting that a cycle top is being formed at 1.3308, and consolidation of the uptrend from 1.2877 is underway. Deeper decline would likely be seen, and the target would be at 1.3050 area. Resistance is at 1.3308, only break above this level could trigger another rise towards 1.3500.

20121220_eurusd_1

GBPUSD Analysis.
GBPUSD may be forming a cycle top at 1.6306 on 4-hour chart. Range trading between 1.6200 and 1.6306 would likely be seen in a couple of days. Resistance is at 1.6306, only break above this level could trigger another rise towards 1.6400.

20121220_gbpusd_1

USDJPY Analysis.
USDJPY remains in uptrend from 82.11, the fall from 84.61 is likely consolidation of the uptrend. Support is at 83.75, as long as this level holds, the uptrend could be expected to resume, and another rise towards 86.00 could be expected after consolidation.

20121220_usdjpy_1

USDCHF Analysis.
USDCHF may be forming a cycle bottom at 0.9087 on 4-hour chart. Range trading between 0.9087 and 0.9180 would likely be seen in a couple of days. Support is at 0.9087, only break below this level could trigger another fall towards 0.9000.

20121220_usdchf_1

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