Daily Forex Analysis – December 10, 2010

USDJPY Analysis.
Being contained by 84.40 resistance, USDJPY pulled back from 84.30. However, the fall from 84.30 is likely consolidation of uptrend, another rise to re-test 84.40 key resistance is still possible later today, a break above this level will indicate that the uptrend from 80.30 has resumed, then next target would be at 85.00 area.


EURUSD Analysis.
EURUSD’s downward move from 1.3437 extended to as low as 1.3165 level. Deeper decline is still possible later today and target would be at 1.3000-1.3050 area. Key resistance is at 1.3322, above this level could indicate that a cycle bottom has been formed on 4-hour chart and the fall from 1.3437 has completed, then the following upward movement could bring price to 1.3600-1.3700 area.


GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5484 and the rise extended to as high as 1.5840 level. Support is at 1.5655, as long as this level holds, uptrend is expected to continue and next target would be at 1.5950 area. Only a break below 1.5655 could indicate that the rise from 1.5484 has completed.


AUDUSD Analysis.
AUDUSD had formed a cycle top at 0.9964 level on 4-hour chart. Pullback to 0.9650-0.9700 area to reach next cycle bottom is possible. Key resistance is at 0.9964, only break above this level could trigger another rise towards 1.0182 previous high.


USDCHF Analysis.
No changed in our view, USDCHF remains in uptrend from 0.9725, the fall from 0.9914 is likely correction of uptrend. Further rise towards 1.0066 is still possible in a couple of days. Key support is at 0.9725, only break below this level could trigger another fall to 0.9650 area.


USDCAD Analysis.
USDCAD stays in a trading range between 0.9977 and 1.0372 (Oct 19 high). Short term uptrend from 1.0002 is expected to continue and another rise to 1.0200 area to reach next cycle top on 4-hour chart would more likely be seen.


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