USDJPY Analysis.
USDJPY stays within a downward price channel on 4-hour chart, and remains in downtrend from 96.70. Key resistance is located at the upper line of the channel. As long as the channel resistance holds, the rise from 93.53 could be treated as consolidation of the downtrend, and one more fall to 92.00 – 93.00 area is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downtrend from 96.70 had completed at 93.53 already, then the following upward movement could bring price to 100.00 zone.
USDCHF Analysis.
USDCHF may be forming a cycle top at 0.9553 on 4-hour chart. Deeper decline would likely be seen, and next target would be at 0.9400 area. Key resistance is at 0.9567, only break above this level could trigger another rise to 0.9800 zone.
EURUSD Analysis.
EURUSD’s downward movement from 1.3711 (Feb 1 high) extends to as low as 1.2751. Further decline is still possible after a minor consolidation, and next target would be at 1.2700 area. Resistance is at 1.2900, as long as this level holds, the downtrend will continue.
USDCAD Analysis.
USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0341. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0100 area, only a clear break above the trend line resistance could signal completion of the downtrend.
AUDUSD Analysis.
AUDUSD broke below the lower line of the price channel on 4-hour chart, and is now in downtrend from 1.0496. Further decline would likely be seen after a minor consolidation, and next target would be at 1.0350 area. Resistance is at 1.0450, followed by 1.0496, only break above these levels could trigger another rise to 1.0550 zone.
GBPUSD Analysis.
GBPUSD stays within a upward price channel on 4-hour chart, and remains in uptrend from 1.4831, the price action from 1.5260 could be treated as consolidation of the uptrend. Further rise would likely be seen, and next target would be at 1.5300 – 1.5350 area. Key support is now at 1.5093, only break below this level could signal completion of the uptrend.
