FOREX Market Analysis for Monday January 14th 2013
USDCHF Analysis.
USDCHF’s fall from 0.9302 extends to as low as 0.9110. Deeper decline to test 0.9083 support would likely be seen, a breakdown below this level could signal resumption of the downtrend from 0.9511, then next target would be at 0.9000 area. Resistance is at 0.9200, only break above this level will suggest that a cycle bottom is being formed on 4-hour chart, then further rise to 0.9350 area could be expected.
EURUSD Analysis.
EURUSD breaks above 1.3308 previous high resistance and reaches as high as 1.3397, suggesting that the uptrend from 1.2661 has resumed. Further rise could be expected after a minor consolidation, and next target would be at 1.3450 area. Support is at 1.3285, as long as this level holds, the uptrend from 1.2998 will continue.
USDJPY Analysis.
USDJPY’s upward movement from 82.11 extends to as high as 89.67. Further rise could be expected and next target would be at 90.00 area. Support is at the lower line of the price channel on 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.
AUDUSD Analysis.
AUDUSD remains in uptrend from 1.0344, the fall from 1.0597 is treated as consolidation of the uptrend. Further rise could be expected after consolidation, and next target would be at 1.0650 area. Support is at 1.0500, only break below this level could bring price back to 1.0370 zone.
USDCAD Analysis.
USDCAD breaks below 0.9824 support, suggesting that the downtrend from 1.0055 has resumed. Further decline would likely be seen and next target would be at 0.9800 area. Resistance is at 0.9885, only break above this level will indicate that lengthier consolidation of the downtrend from 1.0055 is underway, then further rise to 0.9950 zone to complete the consolidation could be expected.
GBPUSD Analysis.
GBPUSD is now in uptrend from 1.5993. Further rise could be expected after a minor consolidation and next target would be at 1.6250 area. Key support is at 1.5993, only break below this level could trigger another fall towards 1.5800.
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