Daily Forex Analysis – November 11, 2011

USDCHF Analysis.
USDCHF’s rise extended to as high as 0.9148, the subsequent pullback is treated as consolidation of uptrend. Support remains at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to resume, and another rise towards 0.9314 previous high is still possible. On the other side, a clear break below the trend line will indicate that a cycle top has been formed at 0.9148, and the rise from 0.8569 has completed.


EURUSD Analysis.
EURUSD remains in downtrend, the rise from 1.3484 would possibly be minor consolidation of downtrend. Another fall is still possible after consolidation, and next target would be at 1.3400 area. Initial resistance is at 1.3655, only break above this level could indicate that a cycle bottom is being formed at 1.3484 on 4-hour, then further rally could be seen to 1.3750 zone.


GBPUSD Analysis.
GBPUSD broke below 1.5877 support, suggesting that lengthier consolidation of uptrend from 1.5272 is underway. Deeper decline is expected later today, and next target would be at 1.5800 area. Resistance is at 1.6000, only break above this level could trigger another rise to test 1.6164 previous high resistance.


USDCAD Analysis.
USDCAD remains in uptrend from 0.9891. Further rise is expected after a minor consolidation, and next target would be at 1.0400 area. Support levels are at 1.0160 and 1.0055, as long as these levels hold, uptrend will continue.


AUDUSD Analysis.
AUDUSD’s downward movement extended to as low as 1.0053. Deeper decline could be seen after a minor consolidation, and next target would be at 1.0000 area. Resistance is at 1.0290, as long as this level holds, downtrend will continue.


USDJPY Analysis.
USDJPY continued its downward movement from 79.52, and the fall extended to as low as 77.50. Further fall is still possible in a couple of days, and next target would be at 77.00 area. Resistance is at the downtrend line on 4-hour chart, only a clear break above the trend line could indicate that the fall is complete.