USDCAD Analysis.
USDCAD formed a cycle top at 1.0215 level on 4-hour chart and dropped sharply to as low as 0.9970 level. Deeper decline to test 0.9953 previous low support is still possible later today, a breakdown below this level will indicate that the longer term downtrend from 1.0779 (Feb 5 high) has resumed, then another fall towards 0.9800 could be seen. However, minor consolidation would more likely be seen before breaking below 0.9953 level.

(more…)

USDJPY Analysis.
USDJPY might be forming a cycle bottom at 91.60 level on 4-hour chart. Bounce towards the falling trend line from 94.68 to 93.71 would more likely be seen in a couple of days, a break above the trend line resistance will indicate that the fall from 94.68 has completed at 91.60 already, then another rise towards 94.68 could be seen. Key support is now at 91.60, below this level will suggest that the pair remains in bearish movement, then deeper decline could be seen to 91.00 area.

(more…)

USDJPY Analysis.
USDJPY continues its downward movement from 94.68 and the fall has reached as low as 91.87 level. Deeper decline is still possible in a couple of days and next target would be at 91.00 area. Resistance is at the falling trend line from 94.68 to 93.71, as long as the trend line resistance holds, downtrend could be expected to continue.

(more…)

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.4798. Initial support remains at the rising 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 1.5600-1.5650 area. Key support is at 1.5336, below this level will indicate that a cycle top has been formed at 1.5522, then deeper decline could be seen to 1.5200-1.5250 area.

(more…)

EURUSD Analysis.
EURUSD trades in a trading range between 1.3546 and 1.3691. The price action in the range is more likely consolidation of uptrend from 1.3282. As long as 1.3546 support holds, one more rise to test 1.3817 is still possible after consolidation, a break of this level will indicate that the longer term downtrend from 1.5144 (Nov 25, 2009 high) has completed at 1.3267 already. Support is at 1.3546, only fall below this level could take price back to 1.3450-1.3500 area.

(more…)