USDCAD Analysis.
No changed in our view, USDCAD remains in consolidation of the downtrend from 1.0422 (Dec 14, 2011 high). Lengthier sideways movement in the range between 0.9841 and 1.0050 would likely be seen in a couple of days. Support is at 0.9841, a breakdown below this level could signal resumption of the downtrend, then next target would be at 0.9700-0.9800 area. Only break above 1.0050 could indicate that the fall from 1.0422 had completed.
USDJPY Analysis.
USDJPY continues its upward movement from 76.02 and the rise extends to as high as 83.20. Further rise is still possible in a couple of days, and next target would be at 83.50 area. Support is at 81.95, only break below this level could signal completion of the uptrend.
AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0855, the price action from 1.0507 is treated as consolidation of the downtrend. Further rise to 1.0650 area to complete to consolidation would likely be seen later today.
USDCHF Analysis.
USDCHF’s upward movement from 0.9071 extends to as high as 0.9248. Support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue, and next target would be at 0.9300 area.
EURUSD Analysis.
EURUSD’s downward movement extends to as low as 1.3052. Further decline is still possible in a couple of days, and next target would be at 1.3000 area. Resistance is at the trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5991, the bounce from 1.5602 is treated as consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, downtrend could be expected to resume after touching the channel resistance.
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