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Daily Forex Analysis – December 31, 2012

EURUSD Analysis.
EURUSD continues its sideways movement in a range between 1.3157 and 1.3308. Key support remains at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the price action in the range could be treated as consolidation of the uptrend from 1.2661, and another rise towards 1.3500 could be expected after consolidation. However, a clear break below the channel support will indicate that the uptrend has completed at 1.3308 already, then the following downward movement could bring price back to 1.2700-1.2800 area.

20121231_eurusd_1

USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart and remains in uptrend from 0.9824. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.0000 area. On the downside, a clear break below the trend line support will suggest that a cycle top has been formed at 0.9970, and the rise from 0.9824 has completed, then further decline towards 0.9800 could be seen.

20121231_usdcad_1

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6306, the rise from 1.6066 is likely consolidation of the downtrend. Resistance is at 1.6210, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.5800 is possible.

20121231_gbpusd_1

AUDUSD Analysis.
No changed in our view, 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, only break above this level could signal completion of the downtrend.

20121231_audusd_1

USDJPY Analysis.
USDJPY remains in uptrend from 82.11, the fall from 86.63 is likely consolidation of the uptrend. Another rise could be expected after consolidation, and next target would be at 0.8700 area. Support levels are at 85.65 and 84.50, only break below these levels could signal completion of the uptrend.

20121231_usdjpy_1

USDCHF Analysis.
USDCHF remains in downtrend from 0.9511, the rise from 0.9083 is treated as consolidation of the downtrend. Key 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.

20121231_usdchf_1

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