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GBPUSD Analysis.
GBPUSD remains in short term uptrend from 1.3654 though the pullback from 1.4231 has extended to 1.3964 level. One more rise to test 1.4305 key resistance is still possible after consolidation and a break above this level will indicate that the fall from 1.4985 has completed at 1.3654 level already, and then the following uptrend could bring price to 1.4600 zone. Near term support is at 1.3940 followed by 1.3875, only fall below 1.3875 will suggest that the fall from 1.4231 is resumption of the downtrend from 1.4985, and then deeper decline could be seen to 1.3550-1.3600 area.
EURUSD Analysis.
EURUSD breaks above 1.2991 (Feb 23 high) medium term key resistance, suggesting that the fall from 1.4719 (Dec 18, 2008 high) has completed at 1.2456 level. Further rally is expected to 1.3200 in a couple of days. Near term support is now located at 1.2848, as long as this level holds, we’d expect the short term uptrend from 1.2456 to continue.
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AUDUSD Analysis.
AUDUSD remains in short term uptrend from 0.6284. Further rise is still possible to 1.6700 zone later to days. Near term support is now located at the lower border of the price channel on 4-hour chart. Break below the channel support will indicate that a short term cycle top has been formed and then pullback could be seen to 0.6350 zone.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.4661 and the rise from 1.3654 is treated as correction of the downtrend. Near term resistance is located at 1.4100, as long as this level holds, we’d expect downtrend to resume, and one more fall to 1.3550 is still possible after correction. Only rise above 1.4100 will indicate that a short term cycle bottom has been formed at 1.3654 level on 4-hour chart and further rally could be seen to test 1.4305 resistance.
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USDCHF Analysis.
USDCHF is in downtrend from 1.1848, and the price action from 1.1484 is treated as consolidation of the downtrend. Deeper decline is still possible in next several days, and next target would be at 1.1300 zone. Key resistance is located at 1.1681, only rise above this level will indicate that the pair is back to range trading between 1.1430 and 1.1883.
USDJPY Analysis.
USDJPY continues to move sideways between 96.56 and 99.67. The price action in this range is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low). As long as 96.56 support holds, we’d expect the uptrend to resume, and one more rise towards 102.00 is still possible after consolidation. However, below 96.56 will indicate that the rise from 87.12 has completed at 99.67, and then the following downtrend will take price to 93.00 zone.
EURUSD Analysis.
EURUSD breaks below 1.2601 key support, suggesting that a short term cycle top has been formed at 1.2754 level on 4-hour chart. Consolidation in a range between 1.2456 and 1.2754 is expected in a couple of days, and deeper decline to 1.2400 would more likely be seen after consolidation. Initial resistance is at 1.2754, only rise above this level will signal further rally to test 1.2991 previous high resistance.
USDCHF Analysis.
USDCHF broke below 1.1600 key support last week, suggesting that a short term cycle top has been formed at 1.1848 level on 4-hour chart. Deeper decline to test 1.1459 level is possible later today, below this level will indicate that the rise from 1.0366 (Dec 29, 2008 low) has completed and deeper decline could be seen to 1.1000 zone.
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