Daily Forex Analysis – November 20, 2009

USDJPY Analysis.
USDJPY remains in downtrend from 92.32 and the fall extended further to as low as 88.64 level. Deeper decline is still possible later today. Rebound would more likely be seen before breaking below 88.01 previous low. Support and resistance are located at the borders of the falling price channel. A clear break above the channel resistance will indicate that the downward trend from 92.32 has completed, then the following uptrend could bring price back to 91.00 or even 92.00.


USDCAD Analysis.
USDCAD’s rebound extended to as high as 1.0688. Further rise is still possible to 1.0750 area. However, next short term cycle top is nearing, another fall towards 1.0416 is expected in next several days. Support level is now located at 1.0550, a break below this level could signal resumption of downtrend.


USDCHF Analysis.
USDCHF stays in a trading range between 1.0035 and 1.0208. Sideways movement in the range is more likely to continue in a couple of days. As long as 1.0208 resistance holds, downtrend is expected to resume and one more fall towards 0.9900 is still possible after consolidation.


GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5708 and the price action from 1.6841 is more likely consolidation of uptrend. As long as 1.6515 support holds, we’d expect uptrend to resume and another rise towards  1.6950-1.7000 is still possible after consolidation. However, below 1.6515 key support will indicate that the uptrend has completed at 1.6875 level already, then deeper decline could be seen to 1.6350-1.6400 area.


AUDUSD Analysis.
AUDUSD broke below 0.9210 support, suggesting that the uptrend from 0.8916 has completed at 0.9404 level already. Deeper decline is possible later today and target would be at 0.9100 or even 0.9000 zone. However, the fall from 0.9404 is more likely consolidation of uptrend from 0.7703 (July 13 low), one more rise towards 0.9500 is still possible after consolidation.


EURUSD Analysis.
EURUSD continues to trade in range between 1.4808 and 1.5048. Lengthier consolidation in the range is still possible later today. As long as 1.4808 support holds, uptrend is expected to resume and one more rise towards 1.5200 is possible after consolidation.


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