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USDCHF broke below 1.0715 support

Posted 02-28-2010 at 08:56 PM by ForexCycle.com (Free Forex Market Analysis)
USDCHF broke below 1.0715 support, suggesting that lengthier consolidation of uptrend from 1.0132 is underway. Range trading is expected in 1.0608 and 1.0898 in next several days. Key support is at 1.0608, as long as this level holds, one more rise towards 1.1000 is still possible after consolidation. However, a break below 1.0608 level will indicate that the rise from 1.0132 has completed at 1.0898 already, then deeper decline could be seen to 1.0500 or even lower.



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EURUSD remains in downward movement from 1.5144

Posted 02-26-2010 at 10:27 PM by ForexCycle.com (Free Forex Market Analysis)
EURUSD remains in downward movement from 1.5144 and the bounce from 1.3443 is more likely consolidation of downtrend. Range trading between 1.3443 and 1.3838 is expected next week. As long as 1.3838 resistance holds, another fall towards 1.3300-1.3400 area is possible. However, above 1.3838 key resistance will indicate that a cycle bottom has been formed at 1.3443 level on daily chart, and the fall from 1.5144 has completed.

For long term analysis, EURUSD has formed a cycle top at 1.5144 level on weekly chart. Fall towards 1.3000 area to reach next cycle bottom is possible in next several weeks.



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GBPUSD breaks below 1.5350

Posted 02-25-2010 at 10:04 PM by ForexCycle.com (Free Forex Market Analysis)
GBPUSD breaks below 1.5350 support and the fall from 1.5815 extends to as low as 1.5190 level. Deeper decline is still possible after a minor consolidation and next target would be at 1.5000 area. Resistance is now located at the falling trend line from 1.5815 to 1.5575, as long as the trend line resistance holds, downtrend from 1.5815 could be expected to continue.



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AUDUSD breaks below 0.8678 key support

Posted 02-24-2010 at 08:46 PM by ForexCycle.com (Free Forex Market Analysis)
AUDUSD breaks below 0.8678 key support, suggesting that a short term cycle top has been formed at 0.9070 level on 4-hour chart and the uptrend from 0.8577 has completed. Pullback to 0.8750 area would more likely be seen in next several days.



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