Daily Forex Analysis – November 1, 2013
EURUSD Analysis.
EURUSD’s downward movement from 1.3832 extends to as low as 1.3539. Deeper decline to test 1.3462 support is possible, as long as this level holds, the fall could be treated as consolidation of the longer term uptrend from 1.2756 (Jul 9 low), one more rise towards 1.4000 is still possible after consolidation. On the downside, a breakdown below 1.3462 support will indicate that the uptrend from 1.2756 had completed at 1.3832 already, then the following downward movement could bring price to 1.2500 zone.
AUDUSD Analysis.
AUDUSD remains in downtrend from 0.9756. Further decline could be expected after a minor consolidation, and next target would be at 0.9350 area. Resistance is at 0.9565, only break above this level will indicate that the downtrend had completed at 0.9441 already, then the following upward movement could bring price to 1.0000 zone.
GBPUSD Analysis.
GBPUSD continues its sideways movement in a trading range between 1.5894 and 1.6259. As long as 1.5894 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise towards 1.6600 is still possible after consolidation. On the downside, a breakdown below 1.5894 support will indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.
USDJPY Analysis.
USDJPY’s upward movement from 96.94 extends to as high as 98.67. Further rise to test 99.00 resistance would likely be seen, a break above this level will signal resumption of the longer term uptrend from 96.57, then next target would be at 100.00 area. Support is at 97.90, only break below this level will suggest that the upward movement from 96.94 has completed, then the following downward movement could bring price back to 96.00 zone.
USDCHF Analysis.
USDCHF’s upward movement from 0.8890 extends to as high as 0.9089. Further rise is still possible, and next target would be at 0.9150 area. Support is at 0.9000, only break below this level will indicate that the uptrend from 0.8890 has completed, then another fall towards 0.8500 could be seen.
USDCAD Analysis.
USDCAD breaks below 1.0425 support, suggesting that the uptrend from 1.0271 had completed at 1.0496 already. Deeper decline would likely be seen over the next several days, and the target would be at 1.0300 area. Resistance is at 1.0496, only break above this level could trigger another rise towards 1.0600.
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