Daily Forex Analysis – December 14, 2011

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0378, and the fall has extended to as low as 0.9979. Further decline could be seen after a minor consolidation and next target would be at 0.9800 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line could indicate that the fall from 1.0378 is complete.

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USDCHF Analysis.
USDCHF’s upward movement from 0.8569 has extended to as high as 0.9477. Further rise is expected in a couple of days, and next target would be at 0.9600 area. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.

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GBPUSD Analysis.
GBPUSD is now facing 1.5423 key support, a breakdown below this level could signal resumption of the downtrend from 1.6164. However, as long as 1.5423 key support holds, one more rise to 1.5900 is still possible.

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EURUSD Analysis.
EURUSD broke below 1.3146 (Oct 4 low) key support, suggesting that the longer term downtrend from 1.4939 (May 4 high) has resumed. Further fall could be seen after a minor consolidation, and next target would be at 1.2800 area.

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USDCAD Analysis.
USDCAD is now in uptrend from 1.0051, and the rise has extended to as high as 1.0347. Further rise is still possible in a couple of days, and next target would be at 1.0400 area. Support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.

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USDJPY Analysis.
USDJPY’s rise from 77.13 extended to as high as 78.01. further rise to test 78.27 resistance could be seen in a couple of days, a break above this level could signal resumption of uptrend from 76.56.

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