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Daily Forex Analysis – January 31, 2013

USDCHF Analysis.
USDCHF’s downward movement from 0.9388 extends to as low as 0.9093. The pair is now facing 0.9083 previous low support, a breakdown below this level will indicate that the longer term downtrend from 0.9971 (Jul 24, 2012 high) has resumed, then further decline towards 0.8500 could be seen. Initial resistance is at 0.9150, and the key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could bring price back to 0.9400 zone.

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AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0597, the rise from 1.0384 is likely consolidation of the downtrend. Another fall to 1.0300 area is still possible after consolidation, and a breakdown below 1.0384 could signal resumption of the downtrend. Key resistance is at 1.0500, only break above this level could signal completion of the downtrend.

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GBPUSD Analysis.
GBPUSD has formed a cycle bottom at 1.5674 on 4-hour chart. However, the rise from 1.5674 would possibly be consolidation of the downtrend from 1.6339, another fall is still possible after consolidation. Key resistance is located at 1.5900, only break above this level could signal completion of the downtrend.

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EURUSD Analysis.
EURUSD continues its upward movement from 1.2998, and the rise extends to as high as 1.3586. Further rise is still possible after a minor consolidation, and next target would be at 1.3700 area. Support is at 1.3460, as long as this level holds, the uptrend will continue.

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USDJPY Analysis.
USDJPY remains in uptrend from 88.06, the price action 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 longer term uptrend from 82.11 is underway, then pullback to 89.00-89.50 area could be seen.

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USDCAD Analysis.
USDCAD is now in downtrend from 1.0100. Further decline would likely be seen after a minor consolidation, 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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