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Daily Forex Analysis – December 24, 2012

GBPUSD Analysis.
GBPUSD breaks below the upward trend line on 4-hour chart, suggesting that a cycle top has been formed at 1.6306 on 4-hour chart. Further decline is still possible and the first target would be at 1.6100 area. As long as 1.6100 level holds, the fall is treated as consolidation of the uptrend from 1.5827, and another rise towards 1.6400 is still possible. However, a breakdown below 1.6100 support will indicate that the uptrend from 1.5827 has completed at 1.6306 already, then the following downward movement could bring price back to 1.5800 zone.

20121224_gbpusd_1

USDCAD Analysis.
USDCAD’s upward movement from 0.9824 extends to as high as 0.9951. Further rise is still possible after a minor consolidation, and next target would be at 0.9970 area. However, the rise is likely correction of the longer term downtrend from 1.0055, another fall towards 0.9700 could be expected after correction. Support is now at the upward trend line on 4-hour chart, a clear break below the trend line support could signal resumption of the downtrend from 1.0055.

20121224_usdcad_1

AUDUSD Analysis.
AUDUSD is in downtrend from 1.0585, and the fall extends to as low as 1.0385. Further decline could be expected after a minor consolidation, and next target would be at 1.0300 area. Resistance is at 1.0425, as long as this level holds, the downtrend will continue.

20121224_audusd_1

EURUSD Analysis.
EURUSD has formed a cycle top at 1.3308 on 4-hour chart. Range trading between 1.3050 and 1.3308 would likely be seen in a couple of days. Resistance is at 1.3308, only break above this level could trigger another rise towards 1.3500.

20121224_eurusd_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.

20121224_usdjpy_1

USDCHF Analysis.
USDCHF has formed a cycle bottom at 0.9083 on 4-hour chart. Range trading between 0.9083 and 0.9280 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.

20121224_usdchf_1

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