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Daily Forex Analysis – January 28, 2013

USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, and remains in downtrend from 0.9388 and the fall extends to as low as 0.9222. Further decline is still possible after a minor consolidation and next target would be at 0.9150 area. Initial resistance is at the trend line, and the key resistance is located at 0.9325, only break above this level could signal completion of the downtrend.

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GBPUSD Analysis.
GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.6176. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.5650 area. Key resistance is at 1.5900, only break above this level could signal completion of the downtrend.

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EURUSD Analysis.
EURUSD broke above 1.3403 resistance last Friday, and reached as high as 1.3479, suggesting that the uptrend from 1.2998 had resumed. Further rise could be expected and next target would be at 1.3600 area. Support is at 1.3340, as long as this level holds, the uptrend will continue.

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USDJPY Analysis.
USDJPY’s upward movement from 82.11 extends to as high as 91.25. Further rise is still possible and next target would be at 92.00 area. Support is at 89.50, only break below this level will indicate that consolidation of the uptrend is underway, then deeper decline to test 88.06 key support could be seen.

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USDCAD Analysis.
USDCAD’s upward movement from 0.9815 extends to as high as 1.0100. support is now at 1.0025, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0150 area. On the downside, a breakdown below 1.0025 support sill suggest that a cycle top is being formed on 4-hour chart, then further decline to 0.9900-0.9950 area could be seen.

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AUDUSD Analysis.
AUDUSD’s downward movement from 1.0597 extends to as low as 1.0402. Deeper decline is still possible after a minor consolidation and next target would be at 1.0360 area. Resistance is at 1.0500, only break above this level could trigger another rise towards 1.0700.

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