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Daily Forex Analysis – December 28, 2012

EURUSD Analysis.
EURUSD stays in a trading range between 1.3157 and 1.3308. Another fall towards the lower line of the price channel on 4-hour chart would likely be seen. As long as the channel support holds, the price action from 1.3308 could be treated as consolidation of the uptrend from 1.2661, and another rise towards 1.3500 is still possible after consolidation. On the downside, a clear break below the channel support will indicate that the uptrend from 1.2661 has completed at 1.3308 already, then the following downward movement could bring price back to 1.2700-1.2800 area.

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USDCAD Analysis.
USDCAD’s upward movement from 0.9824 extends to as high as 0.9958. Support is at the upwards trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.0000 area, only a clear break below the trend line support could signal completion of the uptrend.

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GBPUSD Analysis.
GBPUSD continues its downward movement from 1.6306, and the fall extends to as low as 1.6066. Further decline could be expected and next target would be at 1.6000 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

20121228_gbpusd_1

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0585, the rise from 1.0344 is treated as consolidation of the downtrend. Another fall could be seen after 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.

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USDJPY Analysis.
USDJPY continues its upward movement from 82.11, and the rise extends to as high as 86.63. Support levels are at 85.80 and 85.50, as long as these levels hold, the uptrend could be expected to continue, and next target would be at 87.50 area.

20121228_usdjpy_1

USDCHF Analysis.
USDCHF is in consolidation of the downtrend from 0.9511. Further rise towards the upper line of the price channel on 4-hour chart would likely be seen. As long as the channel resistance holds, another fall could be expected, and a breakdown below 0.9083 could signal resumption of the downtrend.

20121228_usdchf_1

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