Daily Forex Analysis – November 15, 2013

GBPUSD Analysis.
GBPUSD’s rise from 1.5854 extends to as high as 1.6101. Further rise to 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 1.7000 area. On the downside, a breakdown below 1.5854 support will confirm that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price to 1.4500 zone.


AUDUSD Analysis.
AUDUSD remains in downtrend from 0.9756, the rise from 0.9269 could be treated as consolidation of the downtrend. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and one more fall towards 0.9000 is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downward movement from 0.9756 had completed at 0.9269 already, then the following uptrend could bring price back to 1.0000 zone.


EURUSD Analysis.
EURUSD’s rise from 1.3296 extends to as high as 1.3497. Further rise could be expected, and next target would be at 1.3550 area. Support is at 1.3385, only break below this level could trigger another fall towards 1.3000.


USDJPY Analysis.
USDJPY’s upward movement from 96.94 extends to as high as 100.30. Initial support is at 99.10, as long as this level holds, the uptrend could be expected to continue, and next target would be at 101.00 area. Key support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.


USDCHF Analysis.
USDCHF’s fall from 0.9249 extends to as low as 0.9124. Resistance is at 0.9210, as long as this level holds, the downward movement could be expected to continue, and next target would be at 0.9050 area, only break above 0.9210 resistance could trigger another rise towards 0.9500.


USDCAD Analysis.
No changed in our view, USDCAD remains in uptrend from 1.0182 (Sep 19 low), the price action from 1.0496 is likely consolidation of the uptrend. Pullback to the lower line of the price channel on 4-hour chart to complete the consolidation would likely be seen.