Daily Forex Analysis

USDCAD Analysis.
USDCAD breaks below the support of the up trend line from 1.1658 to 1.2098, suggesting that the up trend from 1.1464 has completed. Deeper decline could be seen to 1.2000 zone in next several days, and sideways consolidation in a range between 1.1464 and 1.3015 is expected in a couple of weeks.

GBPUSD Analysis.
GBPUSD is testing 1.5249 resistance, a break above this level will indicate that the fall from 1.8668 (Sep 25 high) has completed, and the following up trend will take price back towards 1.6000 zone. Key support is located at 1.4557, only fall below this level will signal deeper decline to 1.4000.

USDCHF Analysis.
USDCHF breaks below the support of the rising trend line from 1.1549 to 1.1941, suggesting that a short term cycle top has been formed at 1.2296 level on 4-hour chart. Deeper decline is still possible to 1.1600 zone. However, the fall from 1.2296 is treated as correction to up trend, as long as 1.1600 support holds, we’d expect up trend to resume and further rally could be seen to 1.2500 zone after correction.

USDJPY Analysis.
USDJPY rebounds from 93.55, suggesting that a short term cycle bottom has been form on 4-hour chart. Further rise could be seen to test 98.18 resistance, a break above this level will indicate that the fall from 100.54 (Nov 4 high) has completed, and the following up trend will bring price further to 100.00 zone. Near term support is located at 93.55, only fall below this level will signal deeper decline to retest 90.92 (Oct 24 low) support.

AUDUSD Analysis.
AUDUSD’s rebound from 0.6075 extends to as high as 0.6554 level, suggesting that the pair is back to range trading between 0.6008 (Oct 27 low) and 0.7014 (Nov 4 high). Further rally is now in favor, and target is at 0.6850 zone.

EURUSD Analysis.
EURUSD breaks above 1.2854 resistance, signifying that the range trading between 1.2329 (Oct 28 low) and 1.3290 (Oct 30 high) is underway. Further rise is expect to 1.3150 in a couple of days. Key support is now located at 1.2389, only fall below this level will signal deeper decline towards 1.2000 zone.