Daily Forex Analysis – November 7, 2013

EURUSD Analysis.
EURUSD remains in downtrend from 1.3832, the rise from 1.3443 is likely consolidation of the downtrend. Resistance is at 1.3590, as long as this level holds, the downtrend could be expected to resume, and one more fall towards 1.3000 is still possible. On the upside, a break above 1.3590 resistance will indicate that the downtrend from 1.3832 had completed at 1.3443 already, then the following upward movement could bring price to 1.4000 zone.

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GBPUSD Analysis.
Being contained by 1.5894 support, GBPUSD rebounded from 1.5903, and the rise extends to as high as 1.6117. Further rise to re-test 1.6259 resistance would likely be seen, a break above this level will signal resumption of the uptrend from 1.4813 (Jul 9 low), then the target would be at 1.6500 area. Key support is at 1.5894, only break below this level will indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.

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AUDUSD Analysis.
AUDUSD remains in downtrend from 0.9756, because the rise from 0.9421 is likely consolidation of the downtrend. Another fall towards 0.9000 is till possible, and a breakdown below 0.9421 will signal resumption of the downtrend. Resistance is now at 0.9580, only break above this level could trigger another rise towards 1.0000.

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USDJPY Analysis.
USDJPY is facing 99.00 resistance, a break above this level will signal resumption of the uptrend from 96.57, then next target would be at 100.00 area. Support is at 97.80, only break below this level will suggest that the upward movement from 96.94 has completed, then the following downward movement could bring price back to 96.00 zone.

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USDCHF Analysis.
USDCHF is testing 0.9177 resistance, a break of this level will signal completion of the downtrend from 0.9751 (Jul 9 high), then the following upward movement could bring price to 1.0500 area. However, as long as 0.9177 resistance holds, the rise from 0.8890 could be treated as consolidation of the downtrend from 0.9751, one more fall towards 0.8500 is still possible.

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USDCAD Analysis.
USDCAD is in consolidation of the uptrend from 1.0182 (Sep 19 low). Another fall to complete the consolidation would likely be seen, and the target would be at the lower line of the price channel on 4-hour chart. Resistance is at 1.0496, a break above this level will signal resumption of the uptrend.

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