Weekly Analysis - October 3, 2010

EURUSD

EURUSD continues its upward movement of 1.2587 and extends upward above the level of 1.3792. Further rise is still possible next week and the next target would be 1.4000 region. Support is at 1.3389, as this level holds, upward trend could be expected to continue.

GBPUSD

GBPUSD to rebound from 1.5296 extended to as high as 1.5921. Further rise to 1.6091 resistance testing before we can expect next week, a break above this level indicates that the uptrend has resumed 1.4230, then the next target would be 1.6300 region. Support is at 1.5495, only break below this level could trigger a further fall towards 1.5213 support.

USDCHF

USDCHF is in downtrend and fall of 1.1730 extends as low as 0.9708 level. Further decline is still possible next week and the next target is 0.9647. Resistance is at 1.0000, as this level holds, downward trend will continue. 

USDJPY

USD / JPY remains in a trading range between 82.61 and 85.99, and now faces former support low to 82.61, a break below this level indicate that the downward trend resumed in from 94.98, then deeper decline towards 79.75 could be considered. However, as long as support Holds 82.61, a further increase to retest 85.99 key resistance is still possible. Above This  level indicate that the downtrend of 94.98 has completed. 

USDCAD 

After lateral movement in a range between 1.0191 and 1.0378, 1.0191 USDCAD breaks below support, which suggests that the downward movement of 1.0672 has resumed. Further decline is expected next week and the next target would be 1.0000 to 1.0100 area. Key resistance is at 1.0397, only break above this level could indicate that the fall of 1.0672 is complete. 

AUDUSD 

AUDUSD is uptrend from 0.8771 extends to as high as 0.9749. 0.9620 and 0.9550 holders, as long as these levels hold, upward trend could continue and should be the next target is 0.9849. Only a break below 0.9550 could indicate that the increase of 0.8771 has completed and then back to 0.9300 area could be seen.