Daily Forex Analysis – November 15, 2010

EURUSD Analysis.
EURUSD’s downward move from 1.4281 extended to as low as 1.3574 level. As long as 1.3825 key resistance holds, the bounce from 1.3574 is treated as consolidation of downtrend and another fall to 1.3450-1.3500 area is still possible. However, a break above 1.3825 resistance will indicate that the fall from 1.4281 has completed at 1.3574 already, then the following upward move could bring price back to 1.4000-1.4100 area.


USDCAD Analysis.
USDCAD has reached the upper boundary of the falling price channel on 4-hour chart, pullback to re-test 0.9979 support would likely be seen later today. On the upside, a clear break above the channel resistance will indicate that the fall from 1.0372 is complete, then further rally towards 1.0372 could be seen.


USDJPY Analysis.
USDJPY’s fall from 82.79 reached 81.65 only, the price action is likely consolidation of upward move from 80.30. Now the pair is facing 82.79 resistance, a break above this level could indicate that uptrend has resumed, then further rally could be seen to 84.00-85.00 zone. Support is at 81.65, only break below this level could trigger another fall towards 80.30 previous low.


GBPUSD Analysis.
GBPUSD is forming a sideways consolidation in a trading range between 1.5953 and 1.6298. Further rise is expected later today and target would be at 1.6230-1.6250 area. Key resistance is at 1.6298 previous high, a break above this level will indicate that the longer term uptrend from 1.5296 (Sep 7 low) has resumed, then another rise towards 1.6500 could be seen.


USDCHF Analysis.
USDCHF continues its upward move from 0.9548. Key support is at 0.9670, as long as this level holds, further rise to 0.9850-0.9900 area to reach next cycle top on 4-hour chart is possible, only break below 0.9670 could trigger another fall towards 0.9463 previous low.


AUDUSD Analysis.
AUDUSD’s fall from 1.0182 extended to as low as 0.9825. Deeper decline to 0.9750-0.9800 area to reach next cycle bottom is possible, and next cycle bottom is nearing. Resistance is at 0.9950, above this level will suggest that next cycle bottom is being formed.


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