Daily Forex Analysis – January 24, 2013

EURUSD Analysis.
EURUSD stays in a trading range between 1.3256 and 1.3403. As long as 1.3256 support holds, the price action in the range is treated as consolidation of the uptrend from 1.2998 and another rise towards 1.3500 is still possible after consolidation. Only break below 1.3256 will indicate that lengthier consolidation of the longer term uptrend from 1.2661 (Nov 13, 2012 low) is underway, then deeper decline to 1.3150-1.3200 area could be seen.


USDJPY Analysis.
USDJPY is facing 87.79 support, as long as this level holds, the fall from 90.24 could be treated as consolidation of the uptrend from 82.11, and range trading between 87.79 and 90.24 could be expected to continue in a couple of days. On the downside, a breakdown below 87.79 will suggesting that the uptrend from 82.11 has completed at 90.24 already, then deeper decline to 86.00-87.00 area could be seen.


USDCAD Analysis.
USDCAD bounce strongly to as high as 1.0004, suggesting that the pair is now in uptrend from 0.9815. Further rise could be expected and next target would be at 1.0050-1.0100 area. Support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.


USDCHF Analysis.
USDCHF remains in downtrend from 0.9388. Further decline would likely be seen and next target would be at 0.9200 area. Resistance levels are at 0.9350 and 0.9388, only break above these levels could trigger another rise to 0.9450 zone.


AUDUSD Analysis.
AUDUSD stays in a trading range between 1.0485 and 1.0597. Another rise to test 1.0597 resistance would likely be seen, a break above this level will indicate that the uptrend from 1.0344 has resumed, then further rise towards 1.0700 is possible. Support is at 1.0485, only break below this level could trigger another fall to 1.0400 zone.


GBPUSD Analysis.
No changed in our view, GBPUSD remains in downtrend from 1.6176. Further decline would likely be seen after a minor consolidation, and next target would be at 1.5750 area. Resistance is at 1.5895, only break above this level could signal completion of the downtrend.