Daily Forex Analysis – April 26, 2013

EURUSD Analysis.
EURUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.3201. Resistance is at the upper line of the channel, as long as the channel resistance holds, the downward movement could be expected to continue, and deeper decline to 1.2900 are is still possible. On the upside, a clear break above the channel resistance will suggest that the fall from 1.3201 has completed, then another rise towards 1.3500 could be seen.


GBPUSD Analysis.
GBPUSD breaks above 1.5411 resistance, suggesting that the uptrend from 1.4831 has resumed. Further rise would likely be seen, and next target would be at 1.5600 area. Support is at 1.5360, followed by the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.


USDCAD Analysis.
USDCAD breaks below 1.0203 key support, suggesting that the upward movement from 1.0083 has completed. Deeper decline could be expected, and next target would be at 1.0150 area. Resistance is at 1.0235, as long as this level holds, the downtrend will continue.


USDJPY Analysis.
USDJPY is facing 99.94 resistance, a break above this level will indicate that the uptrend from 77.14 (Sep 13, 2012 low) has resumed, then further rise towards 105.00 could be seen. However, as long as 99.94 resistance holds, lengthier consolidation in the range between 95.83 and 99.94 is possible. Support is at 98.40, a breakdown below this level could trigger another fall to 0.9550 – 0.9600 zone.


USDCHF Analysis.
USDCHF remains in uptrend from 0.9206, the fall from 0.9498 is treated as consolidation of the uptrend. Support is at 0.9400, as long as this level holds, the uptrend could be expected to resume, and another rise to 0.9540 is still possible, only break below 0.9400 could signal completion of the uptrend.


AUDUSD Analysis.
AUDUSD is now in uptrend from 1.0220. Further rise is still possible, and the target would be at 1.0400 – 1.0450 area. Support is at 1.0220, only break below this level could trigger another fall towards 1.0000.