FOREX Market Analysis for Tuesday January 15, 2013

 

EURUSD Analysis.

EURUSD remains in uptrend from 1.2998, and the rise extends to as high as 1.3403. Further rise could be expected and next target would be at 1.3500 area. Support is at 1.3300, as long as this level holds, the uptrend will continue. On the downside, a breakdown below 1.3300 support will suggest that a cycle top is being formed on 4-hour chart, and consolidation of the uptrend is underway, then pullback to 1.3200 area to complete the consolidation could be seen.

 

 

USDCHF Analysis.

USDCHF failed to break below 0.9083 previous low support, and rebounded to as high as 0.9261, suggesting that a cycle bottom has been formed at 0.9110 on 4-hour chart. Further rise to test 0.9302 resistance would likely be seen, a break above this level will target 0.9350 zone. Support is at 0.9200, only break below this level could trigger another fall to re-test 0.9083 support.

 

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 likely consolidation of the uptrend. Deeper decline to complete the consolidation is possible, and the target would be at 1.0500 area. Resistance is at 1.0597, a break above this level could trigger another rise towards 1.0700.

 

USDCAD Analysis.

USDCAD remains in downtrend from 0.9970, the rise from 0.9815 is likely consolidation of the downtrend. Further decline could be expected after consolidation, 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 longer term downtrend from 1.0055 is underway, then further rise to 0.9950 zone could be expected.

 

GBPUSD Analysis.

GBPUSD remains in uptrend from 1.5993, the fall from 1.6176 is likely correction of the uptrend. Another rise towards 1.6339 previous high is still possible, and a break above 1.6176 could signal resumption of the uptrend. Support is at 1.5993, only break below this level could trigger another fall towards 1.5800.

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