GBPUSD Analysis.
GBPUSD’s rebound from 1.5770 extended further to as high as 1.6125 level, subsequent pullback could possibly be resumption of downtrend from 1.6741. Deeper decline to re-test 1.5770 previous low support is now in favor, a breakdown below this level will confirm the downside continuation, then further fall could be seen to 1.5600 area. Near term resistance remains at 1.6150, only rise above this level will indicate that the fall from 1.6741 has completed at 1.5770 level already, then the following uptrend will take price to 1.6400 zone.
USDJPY Analysis.
USDJPY pulled back form 90.40 level. Range trading between 88.24 and 90.40 is now in favor and deeper decline to 88.75 would more likely be seen later today. Key support is at 88.24, a break below this level will suggest that the downtrend from 92.53 has resumed, then deeper decline to test 87.12 (Jan 21 low) long term critical support could be seen to follow. However, above 90.40 resistance will indicate that the downward trend from 92.53 has completed at 88.24 level already.
EURUSD Analysis.
EURUSD may be forming a short term cycle bottom at 1.4527 level on 4-hour chart. Further rise to test 1.4724 key resistance is possible later today, a break above this level will confirm the cycle bottom and indicate that the short term downtrend from 1.4843 has completed at 1.4527 already. Near term support is at 1.4527, only fall below this level will signal deeper decline to 1.4450-1.4500 area.
USDCAD Analysis.
USDCAD drops sharply from 1.0991 to as low as 1.0671 level. Now the fall from 1.0991 is more likely resumption of downtrend from 1.1124 (Aug 17 high), further fall to test 1.0590 previous low support is expected in a couple of days, a break below this level will signal deeper decline to 1.0550 area. Near term resistance is at 1.0790, as long as this level holds, short term downtrend from 1.0991 will continue.
AUDUSD Analysis.
AUDUSD broke above 0.8788 resistance and reaches as high as 0.8858 level so far, suggesting that the uptrend from 0.8155 has resumed. Further rise is still possible to 0.8900 zone in a couple of days. Initial support is at 0.8760, as long as this level holds, uptrend from 0.8586 will continue.
USDCHF Analysis.
USDCHF may be forming a short term cycle top at 1.0448 level on 4-hour chart. Key support is now located at 1.0283, a break below this level will confirm the cycle top and signal deeper decline to re-test 1.0186 previous low support.
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