Daily Forex Analysis – December 8, 2010

EURUSD Analysis.
EURUSD has formed a cycle top at 1.3437 level on 4-hour chart. Drop towards 1.2969 previous low is expected in a couple of days, a break below this level will indicate that the downtrend from 1.4281 has resumed, then next target would be at 1.2800 area. Key resistance is at 1.3437, only break above this level could bring price to 1.3600 zone.

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GBPUSD Analysis.
GBPUSD is forming a cycle top at 1.5821 level on 4-hour chart, key support is at 1.5655, a break below this level will confirm the cycle top, then another fall towards 1.5484 previous low could be seen. Only break above 1.5821 could bring upside further to 1.5900 area.

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AUDUSD Analysis.
After touching 0.9953 resistance, AUDUSD pulled back from 0.9964, suggesting that a cycle top has been formed on 4-hour chart. Deeper decline is expected in a couple of days and first target is at 0.9700 area.

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USDCHF Analysis.
USDCHF has formed a cycle bottom at 0.9725 level on 4-hour chart. Now the bounce from 0.9725 is treated as resumption of uptrend from 0.9463 (Oct 14 low). Rise towards 1.0066 previous high is expected in next several days.

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USDJPY Analysis.
USDJPY bounced strongly from 82.34, suggesting that a cycle bottom has been formed on 4-hour chart, and the fall from 84.40 has completed. However, as long as 84.40 resistance holds, one more fall towards 81.50-82.00 area is still possible.

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USDCAD Analysis.
USDCAD failed to break below 0.9977 previous low and bounced from 1.0002, suggesting lengthier sideways move is underway, range trading between 0.9977 and 1.0372 (Oct 19 high) is expected in next several days.

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