USDCAD Analysis.
USDCAD remains in downtrend from 0.9826, the price action from 0.9568 is treated as consolidation of downtrend. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9500 zone. However, a clear break above the trend line resistance will indicate that a cycle bottom has been formed at 0.9568 on 4-hour chart, then range trading between 0.9568 and 0.9650 could be seen.
GBPUSD Analysis.
GBPUSD may be forming a cycle top at 1.6363 on 4-hour chart. Range trading between 1.6200 and 1.6363 would likely be seen in a couple of days. Support is at 1.6200, as long as this level holds, the fall from 1.6363 is treated as consolidation of uptrend from 1.5936, another rise towards 1.6600 is still possible after consolidation.
USDCHF Analysis.
USDCHF is facing 0.9126 key support, a breakdown below this level will indicate that the long term downtrend from 1.1730 (Jun 1, 2010 high) has resumed, then deeper decline towards 0.8922 previous low could be seen. Resistance is now at 0.9200, only break above this level will suggesting lengthier sideways movement is underway, then range trading between 0.9126 and 0.9339 is expected to follow.
AUDUSD Analysis.
AUDUSD’s upward movement from 0.9704 extended to as high as 1.0507. Further rise is still possible later today, and next target would be at 1.0550-1.0600 zone. Support is at 1.0400, as long as this level holds, uptrend will continue.
EURUSD Analysis.
EURUSD remains in uptrend from 1.4020, and the rise extended to as high as 1.4348. Further rise is still possible later today, and next target would be at 1.4500 zone. Support is at 1.4200, as long as this level holds, uptrend will continue. However, below 1.4200 will indicate that a cycle top has been formed at 1.4348 on 4-hour chart, then lengthier consolidation of uptrend could be seen.
USDJPY Analysis.
USDJPY broke below the rising trend line on 4-hour chart. However the fall from 85.51 is likely consolidation of uptrend from 76.40. Another rise is still possible after consolidation, and next target would be at 86.00 zone. Support is at 84.55, only break below this level will indicate that a cycle top has been formed at 85.51, and the rise from 76.40 has completed.
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