FOREX Market Outlook for January 17, 2013

 

USDJPY Analysis.

USDJPY broke below the lower line of the price channel on 4-hour chart, and is now in consolidation of the uptrend from 82.11. Range trading between 86.82 and 89.67 would likely be seen in a couple of days. Key support is at 86.82, as long as this level holds, the uptrend could be expected to resume, and another rise towards 95.00 is still possible. On the downside, a breakdown below 86.82 will indicate that the uptrend had completed at 89.67 already, then the following downward movement could bring price back to 84.00 zone.

 

 

EURUSD Analysis.

EURUSD remains in uptrend from 1.2998, the fall from 1.3403 is likely consolidation of the uptrend. Range trading between 1.3200 and 1.3403 could be seen in a couple of days. Support is at 1.3200, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.4000 is possible after consolidation.

 

USDCHF Analysis.

USDCHF’s upward movement from 0.9110 extends to as high as 0.9332. Further rise is still possible and next target would be at 0.9400 area. Support is at 0.9250, only break below this level will indicate that a cycle top has been formed on 4-hour chart, and the rise from 0.9110 has completed, then further decline to test 0.9083 support could be seen.

 

AUDUSD Analysis.

AUDUSD moves sideways in a narrow range between 1.0521 and 1.0597. Key support is at 1.0500, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.0344, and another rise towards 1.0700 could be expected. Only a breakdown below 1.0500 will indicate that the rise from 1.0344 has completed, then the following downward movement could bring price back to 1.0370 zone.

 

USDCAD Analysis.

USDCAD is facing 0.9885 resistance, as long as this level holds, the rise from 0.9815 is treated as consolidation of the downtrend from 0.9970, and another fall towards 0.9700 is still possible. However, a break above 0.9885 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 breaks below 1.5993 support, suggesting that the downtrend from 1.6339 has resumed. Further decline could be expected, and next target would be at 1.5800 area. Resistance is at 1.6040, only break above this level could bring price back to 1.6150 zone.

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