Daily Forex Analysis – November 16, 2010

EURUSD Analysis.
EURUSD continues its downward movement and the fall extended to as low as 1.3560 level. Deeper decline is still possible later today and next target would be at 1.3450-1.3500 area. Key resistance is at 1.3825, only break above this level could indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.4281 has completed.


USDCAD Analysis.
USDCAD may be forming a cycle top at 1.0143 level on 4-hour chart. Another fall to re-test 0.9979 support would more likely be seen later today. However, a break above 1.0143 will indicate that the fall from 1.0372 has completed at 0.9979 already, then further rise towards 1.0372 could be seen.


USDJPY Analysis.
USDJPY broke above 82.79 and reached as high as 83.25 level, suggesting that the uptrend from 80.30 has resumed. Further rise is still possible later today and next target would be at 84.00 area. Support is at 82.50, only break below this level could bring price back to test 81.65 key support.


GBPUSD Analysis.
GBPUSD stays in a trading range between 1.5953 and 1.6298. Lengthier consolidation in the range is expected in next several days and another rise to 1.6230-1.6250 area would more likely be seen before breaking below 1.5953 support.


USDCHF Analysis.
USDCHF’s rise from 0.9548 extended further to 0.9870 level. Support is at 0.9795, as long as this level holds, upward move is expected to continue and next target would be at 0.9850-0.9900 area. However, a breakdown below 0.9795 will suggest that a cycle top is being formed on 4-hour chart, then pullback to 0.9650 area could be seen to follow.


AUDUSD Analysis.
AUDUSD may be forming a cycle bottom at 0.9812 level on 4-hour chart, key resistance is at 0.9919, a break above this level will confirm the cycle bottom, then bounce to 1.0000-1.0100 area could be seen. Support is at 0.9812, only break below this level could trigger another fall to 0.9750-0.9800 zone.


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