Daily Forex Analysis – November 2, 2011

GBPUSD Analysis.
GBPUSD is facing 1.5891 support, as long as this level holds, the fall from 1.6164 is treated as consolidation of uptrend from 1.5272, and another rise to 1.6250-1.6300 area is still possible. However, a breakdown below 1.5891 will indicate that a cycle top has been formed at 1.6164 on 4-hour chart, then lengthier consolidation of uptrend could be seen, and the trading range would be between 1.5800 and 1.6164.


AUDUSD Analysis.
AUDUSD’s fall from 1.0751 extended to as low as 1.0272. Deeper decline towards 1.0118 would likely be seen in a couple of days. Resistance is at 1.0385 followed by 1.0450, only break above these levels could indicate that the fall from 1.0751 is complete.


USDCHF Analysis.
USDCHF continued its upward move from 0.8569, and the rise extended to as high as 0.8958. Further rise towards 0.9082 is still possible later today. Support is now at 0.8830 followed by 0.8800, only break below these levels could indicate that the rise from 0.8569 is complete.


USDJPY Analysis.
USDJPY had formed a cycle top at 79.52 on 4-hour chart. Range trading between 77.00 and 79.52 would likely be seen over the next several days.


EURUSD Analysis.
EURUSD continued its downward movement from 1.4246 and reached as low as 1.3609. Further fall is still possible after a minor consolidation and next target would be at 1.3400 area. Resistance levels are at 1.3760 and 1.3800, only break above these levels could indicate that the fall from 1.4246 is complete.


USDCAD Analysis.
USDCAD’s rise from 0.9891 extended to as high as 1.0222, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise is still possible in a couple of days, and next target would be at 1.0350 area.