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USDCHF is in range trading between 1.0032 and 1.0337

Posted Today at 12:22 AM by ForexCycle.com (Free Forex Market Analysis)
USDCHF is in range trading between 1.0032 and 1.0337. Moving sideways in the range is still possible next week. However, the price action from 1.0032 is more likely consolidation of downtrend from 1.1021 and deeper decline towards 0.9900 is still possible in a couple of week. Key resistance is located at 1.0337, above this level will indicate that the fall from 1.1021 has completed at 1.0032 level already, then the following uptrend could bring price back to 1.0800 area.

For long term analysis, USDCHF is in long term bearish movement from 1.1963, further fall is still possible to 0.9800 level.



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USDJPY remains in downtrend from 92.32

Posted 11-19-2009 at 10:07 PM by ForexCycle.com (Free Forex Market Analysis)
USDJPY remains in downtrend from 92.32 and the fall extended further to as low as 88.64 level. Deeper decline is still possible later today. Rebound would more likely be seen before breaking below 88.01 previous low. Support and resistance are located at the borders of the falling price channel. A clear break above the channel resistance will indicate that the downward trend from 92.32 has completed, then the following uptrend could bring price back to 91.00 or even 92.00.



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USDCAD stays in a trading range

Posted 11-18-2009 at 10:08 PM by ForexCycle.com (Free Forex Market Analysis)
USDCAD stays in a trading range between 1.0416 and 1.0617. The price action from 1.0416 is more likely consolidation of downward trend from 1.0852. Another rise to test the upper border of the rising price channel on 4-hour chart is possible later today, as long as the channel resistance holds, downtrend is expected to resume and one more fall towards 1.0206 previous low could be seen. However, a clear break above the channel resistance will indicate that the fall from 1.0852 has completed at 1.0416 already, then the following uptrend could take price to re-test 1.0852 resistance.



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USDCAD broke above the falling price channel

Posted 11-17-2009 at 09:06 PM by ForexCycle.com (Free Forex Market Analysis)
USDCAD broke above the falling price channel on 4-hour chart. However, the rise can reach 1.0617 level only. Now the fall from 1.0617 is more likely resumption of downtrend from 1.0852, and another fall towards 1.0206 previous low is still in favor. Key support is at 1.0416, a break below this level will indicate that a short term cycle top has been formed at 1.0617 and confirm the resumption of downtrend. On the up side, above 1.0617 will suggest that the fall from 1.0852 has completed at 1.0416 already, then further rally could be seen to 1.0700 zone.



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