Daily Forex Analysis – November 22, 2010

USDCHF Analysis.
After touching 0.9971 resistance, USDCHF traded in a narrow range between 0.9855 and 0.9997. Key support is at 0.9855, a breakdown below this level will indicate that a cycle top has been formed at 0.9997 level on 4-hour chart, then another fall towards 0.9463 previous low could be seen. On the other side, above 0.9997 will indicate that the pair remains in uptrend from 0.9548, then next target would be at 1.0100 area.


AUDUSD Analysis.
AUDUSD break above 0.9919 resistance, suggesting that a cycle bottom has been formed at 0.9724 level and the fall from 1.0182 has completed. Now the rise from 0.9724 is likely resumption of long term uptrend from 0.8066 (May 25 low), bounce towards 1.0182 previous high is expected in a couple of days.


EURUSD Analysis.
EURUSD broke above the price channel on 4-hour chart and reaches as high as 1.3766, suggesting that a cycle bottom has been formed at 1.3448 level on 4-hour chart. Further rally is expected in a couple of days and target would be at 1.3900-1.4000 area.


USDCAD Analysis.
USDCAD has formed a cycle top at 1.0260 level on 4-hour chart. Pullback to 1.0100 area would more likely be seen later today. Resistance is at 1.0260, only break above this level could trigger another rise to test 1.0372 key resistance.


USDJPY Analysis.
USDJPY remains in uptrend from 80.30. As long as 83.03 support holds, uptrend is expected to continue and next target would be at 84.50 area. On the downside, a break below 83.03 support will suggesting that a cycle top is being formed on 4-hour chart, then pullback to 82.00 area could be seen.


GBPUSD Analysis.
GBPUSD stays below a down trend line from 1.6298 to 1.6182 and remains in downtrend. As long as 1.6093 resistance holds, downtrend is expected to continue and another fall towards 1.5649 is still possible. However, a break above 1.6093 resistance will indicate that the fall from 1.6298 has completed at 1.5839 already, then the following upward move could bring price to 1.6500 area.


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