USDCHF Analysis.
USDCHF remains in downtrend from 0.9553, and the fall extends to as low as 0.9264. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9200 area. On the upside, a clear break above the trend line resistance will suggest that consolidation of the downtrend is underway, then further rally to 0.9400 area could be seen.
USDJPY Analysis.
USDJPY broke below 98.35 support last Friday, suggesting that a cycle top had been formed at 99.94 on 4-hour chart, and consolidation of the uptrend from 92.56 is underway. Deeper decline would likely be seen, and the target would be at 96.00 – 97.00 area. However, the uptrend could be expected to resume after consolidation, and another rise towards 105.00 is still possible. Resistance is at 99.94, a break above this level could signal resumption of the uptrend.
GBPUSD Analysis.
GBPUSD remains in uptrend from 1.4831, further rise could be expected in a couple of days, and next target would be at 1.5500 area. Near term support is at 1.5275, a breakdown below this level will indicate that consolidation of the uptrend is underway, then deeper decline to test the trend line support could be seen.
AUDUSD Analysis.
AUDUSD broke below 1.0500 support, suggesting that a cycle top had been formed at 1.0582 on 4-hour chart. Further decline is still possible, and the target would be at 1.0400 – 1.0450 area. However, the fall from 1.0582 would possibly be consolidation of the uptrend from 1.0115 (Mar 4 low), another rise towards 1.0700 is still possible after consolidation, and a break above 1.0582 could signal resumption of the uptrend.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0341, the rise from 1.0083 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.0000 area. Resistance is at 1.0200, as long as this level holds, the downtrend will continue.
EURUSD Analysis.
EURUSD remains in uptrend from 1.2747, the fall from 1.3138 is likely consolidation of the uptrend. Another rise could be expected after a minor consolidation, and next target would be at 1.3200 area. Support is at 1.3035, only break below this level could indicate that a cycle top has been formed at 1.3138 on 4-hour chart, then pullback to 1.2950 area could be seen.
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