Daily Forex Analysis – November 26, 2010

EURUSD Analysis.
EURUSD remains in downtrend from 1.3785. Resistance is at 1.3420, as long as this level holds, downtrend is expected to continue and next target would be at 1.3100 area. Only break above 1.3420 will indicate that consolidation of downtrend is underway, then bounce to the downtrend line from 1.4281 to 1.3785 could be seen.


USDJPY Analysis.
USDJPY breaks above 83.84 resistance, suggesting that consolidation of uptrend has completed. Another rise towards 85.00 area is expected. Key support is now at 82.78, only break below this level could indicate that the upward move from 80.30 is complete.


AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0182 and the price action from 0.9724 is treated as consolidation of downtrend. Another fall towards 0.9651 support is expected later today, a break below this level will indicate that the longer term uptrend from 0.8066 (May 25 low) has completed at 1.0182 already, then the following bearish move could bring price to 0.9000 area.


GBPUSD Analysis.
GBPUSD’s bearish movement from 1.6298 extended to as low as 1.5725 level. Resistance is at 1.5840, as long as this level holds, downtrend is expected to continue and next target is at 1.5649 previous low.


USDCHF Analysis.
USDCHF broke above 0.9997 resistance, suggesting that the uptrend from 0.9548 has resumed. Further rise towards 1.0200 area is still possible. Key support is at 0.9848, only break below this level will bring price back to 0.9600-0.9700 zone.


USDCAD Analysis.
USDCAD is losing its downward momentum. Rebound would more likely be seen later today. Resistance is at 1.0165, a break above this level will suggest that a cycle bottom is being formed on 4-hour chart, then another rise towards 1.0372 key resistance could be seen.


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