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Daily Forex Analysis – January 30, 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 0.9193. Resistance is at the trend line, as long as the trend line resistance holds, further decline is still possible after a minor consolidation, and next target would be at 0.9100 area. On the upside, a clear break above the trend line resistance will indicate that a cycle bottom is being formed and consolidation of the downtrend is underway.

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AUDUSD Analysis.
AUDUSD’s bounce from 1.0384 extends to as high as 1.0475. However, as long as 1.0500 resistance holds, the bounce would possibly be consolidation of the downtrend from 1.0597, another fall to 1.0350 area could be expected after consolidation. On the other side, a break above 1.0500 will indicate that the downtrend from 1.0597 has completed at 1.0384 already, then the following upward movement could bring price to 1.0700 zone.

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GBPUSD Analysis.
GBPUSD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom is being formed at 1.5674. Further rally would likely be seen and next target would be at 1.5850 area. Support is at 1.5674, only break below this level could trigger another fall towards 1.5500.

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EURUSD Analysis.
EURUSD’s upward movement extends to as high as 1.3496. Further rise could be expected and next target would be at 1.3600 zone. Support is now at 1.3400, as long as this level holds, the uptrend will continue.

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USDJPY Analysis.
USDJPY remains in uptrend from 88.06, the fall from 91.25 is treated as consolidation of the uptrend. Another rise could be expected after consolidation, and next target would be at 92.00 area, support is at 89.90, only break below this level will indicate that lengthier consolidation of the uptrend from 82.11 is underway, then pullback to 89.00-89.50 area could be seen.

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USDCAD Analysis.
USDCAD has formed a cycle top at 1.0100 on 4-hour chart. Further decline could be expected and next target would be at 0.9950 area. Resistance is at 1.0100, only break above this level could trigger another rise to 1.0200 zone.

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