Daily Forex Analysis – November 1, 2010

USDCHF Analysis.
USDCHF has formed a cycle top at 0.9928 level on 4-hour chart. Another fall towards the lower border of the channel is still possible later today, a clear break below the channel support will indicate that the upward movement from 0,9463 has completed, then deeper decline could be seen to 0.9600 zone. However, a break above 0.9928 will indicate that the uptrend from 0.9463 has resumed, then another rise to 1.0000 could be seen.

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EURUSD Analysis.
EURUSD may be forming a triangle pattern on 4-hour chart. Pullback is expected after touching the upper border of the pattern. Support is at 1.3895, a breakdown below this level will indicate that a cycle top is being formed on 4-hour chart, then deeper decline towards the lower border could be seen.

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GBPUSD Analysis.
GBPUSD is facing 1.6105 key resistance, a break above this level will indicate that the longer term uptrend from 1.5296 (Sept 7 low) has resumed, then next long term target would be at 1.6500 area. Support is at 1.5875, only break below this level will suggest that lengthier consolidation of uptrend is underway, then another fall to re-test 1.5649 could be seen.

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USDJPY Analysis.
USDJPY continues its downward movement from 85.92 and the fall extended to as low as 80.30 level. Further decline towards 79.75 (1995 low) is still possible in a couple of days. Key resistance is now at 81.98, only break above this level could indicate that the fall from 85.92 is complete.

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AUDUSD Analysis.
AUDUSD moves sideways in a range between 0.9651 and 0.9998. Further rise to 0.9950 area is expected later today. As long as 0.9998 resistance holds, one more fall to 0.9600 to reach next cycle bottom is still possible.

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USDCAD Analysis.
USDCAD is in uptrend from 0.9979 and the fall from 1.0372 is more likely correction of uptrend. Deeper decline to 1.0100 area to reach next cycle bottom on 4-hour chart is expected later today.

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