Daily Forex Analysis – October 1, 2013

EURUSD Analysis.
EURUSD continues its sideways movement in a range between 1.3462 and 1.3568. As long as 1.3462 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.3105, one more rise towards 1.3700 is still possible after consolidation. On the downside, a breakdown below 1.3462 support will indicate that the uptrend from 1.3105 had completed at 1.3568 already, then deeper decline to 1.3350 area could be seen.


USDCHF Analysis.
USDCHF remains in downtrend from 0.9455. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8950 area. However, a clear break above the trend line resistance will indicate that consolidation of the downtrend is underway, then range trading between 0.9000 and 0.9137 could be seen.


AUDUSD Analysis.
AUDUSD breaks above the downward trend line on 4-hour chart, suggesting that the fall from 0.9526 had completed at 0.9280 already. Further rise to test 0.9526 resistance could be expected, a break above this level will indicate that the uptrend from 0.8892 has resumed, then the target would be at 1.0000 zone.


GBPUSD Analysis.
GBPUSD’s upward movement from 1.5955 extends to as high as 1.6246. Further rise could be expected, and next target would be at 1.6300 area. Support is at 1.6125, only break below this level could indicate that lengthier consolidation of the uptrend from 1.4813 (July 9 low) is underway, then pullback to 1.6000 area could be seen.


USDCAD Analysis.
USDCAD’s upward movement from 1.0182 has completed at 1.0340 already. As long as 1.0340 resistance holds, another fall could be expected, and next target would be at 1.0230 area. On the upside, a break above 1.0340 will suggest that the downtrend from 1.0568 had completed at 1.0182 already, then the following upward movement could bring price to 1.0650 zone.


USDJPY Analysis.
USDJPY remains in downtrend from 100.60, the price action from 97.76 is likely consolidation of the downtrend. Key resistance is at 99.65, as long as this level holds, the downtrend could be expected to resume, and one more fall towards 96.50 is still possible.