Daily Forex Analysis – September 1, 2011

USDCHF Analysis.
USDCHF has formed a cycle top at 0.8240 on 4-hour chart. Support is now at the lower border of the price channel, as long as the channel support holds, the fall from 0.8240 is treated as consolidation of uptrend, and another rise to 0.8300 is still possible after consolidation. However, a clear break below the channel support could indicate that the rise from 0.7067 has completed at 0.8240 already, then deeper decline could be seen to 0.7500 zone.

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GBPUSD Analysis.
GBPUSD is facing 1.6208 support, a breakdown below this level could signal resumption of downtrend from 1.6617, then next target would be at 1.6000 area. Resistance is at 1.6295, only break above this level could bring price to  range trading between 1.6208 and 1.6453.

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AUDUSD Analysis.
AUDUSD is in uptrend from 1.0315, further rise could be expected in a couple of days, and next target would be at 1.0800 area. Support is at 1.0600, as long as this level holds, uptrend will continue.

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EURUSD Analysis.
EURUSD broke below the rising trend line on 4-hour chart, suggesting that a cycle top has been formed at 1.4548, and the uptrend from 1.4055 has completed. Deeper decline is expected in a couple of days, and target would be at 1.4100 area. Resistance is at 1.4548, only break above this level could signal resumption of uptrend.

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USDJPY Analysis.
USDJPY moved sideways in a range between 75.96 and 77.69. Lengthier consolidation in the range could be expected in a couple of days. Key resistance is at 77.69, a break above this level could trigger another rise to 79.00 area. Support is at 75.96, only break below this level could signal resumption of downtrend.

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USDCAD Analysis.
USDCAD is now in downtrend from 1.0009. Deeper decline is still possible in a couple of days, and next target would be at 0.9600 area. Resistance is at 0.9820, as long as this level holds, downtrend will continue.

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