USDCAD Analysis.
USDCAD is facing the support of the lower line of the price channel on 4-hour chart, as long as the channel support holds, the pair remains in uptrend from 0.9932, and the fall from 1.0341 could be treated as consolidation of the uptrend, another rise to 1.0400 is still possible after consolidation. On the other side, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 0.9815 (Jan 11 low) is underway, then deeper decline to 1.0150 area could be seen.
EURUSD Analysis.
EURUSD is facing the resistance of the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the rise from 1.2966 is treated as consolidation of the downtrend from 1.3711, and another fall to 1.2900 area is still possible. On the upside, a clear break above the channel resistance will suggest that a cycle bottom has been formed at 1.2966, and the downward movement from 1.3711 has completed.
AUDUSD Analysis.
AUDUSD breaks above the resistance of the upper line of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 1.0115 on 4-hour chart, and the downtrend from 1.0373 has completed. Further rally could be expected and next target would be at 1.0350 area. Support levels are at 1.0200 and 1.0160.
USDCHF Analysis.
USDCHF may be forming a cycle top at 0.9462 on 4-hour chart. Range trading between 0.9350 and 0.9462 could be expected in a couple of days. However, as long as the trend line support holds, the fall is treated as consolidation of the uptrend from 0.9021, another rise to 0.9500 area is still possible after consolidation.
USDJPY Analysis.
USDJPY stays in a trading range between 90.93 and 94.54. The price action in the range is likely consolidation of the uptrend from 77.14. Resistance is at 94.54, a break above this level will signal resumption of the uptrend, then further rise towards 100.00 could be seen. However, as long as 94.54 resistance holds, one more fall to 90.00 area to complete the consolidation is still possible.
GBPUSD Analysis.
No changed in our view, GBPUSD remains in downtrend from 1.5878, the rise from 1.4986 is treated as consolidation of the downtrend. Range trading between 1.4986 and 1.5250 would likely be seen in a couple of days. As long as 1.5250 resistance holds, the downtrend could be expected to resume, and another fall to 1.4900 area is still possible.
