USDJPY Analysis.
USDJPY is trading in a range between 89.15 and 90.74. Sideways consolidation could be seen in a couple of days. Near term resistance is located at 90.74, a break above this level will signal further rally to 92.50 zone. Initial support support is at 89.15 followed by 88.42, below 88.42 will indicate that the medium term downtrend from 94.61 (Jan 6 high) has resumed, and then deeper decline could be seen to 86.00 zone.
USDCHF Analysis.
USDCHF’s rebound from 1.1313 extends to 1.1668 level. Further rise is still possible to test 1.1714 previous high resistance. A break above this level will indicate that the medium term uptrend from 1.0366 (Dec 29, 2008 low) has resumed, and next target would be at 1.1900 zone.
AUDUSD Analysis.
AUDUSD breaks below 0.6418 support and reaches as low as 0.6321. Further fall could be seen to test 0.6008 (Oct 27, 2008 low) support. Near term resistance is now at 0.6455, as long as this level holds, we’d expect downtrend to continue.
EURUSD Analysis.
EURUSD dropped below 1.2764 previous support, suggesting that the medium term downtrend from 1.4719 (Dec 18, 2008 high) has resumed. Further fall could be seen to 1.2600 zone in a couple of days. Initial resistance is now at 1.2900, as long as this level holds, we’d expect downtrend to continue.
USDCAD Analysis.
USDCAD breaks above 1.2331 key resistance, suggesting that a sort term cycle bottom has been formed at 1.2024 level. Further rally is expected to 1.2550 zone in a couple of days. Near term support is now at 1.2024, only fall below this level will signal deeper decline towards 1.1850 level.
GBPUSD Analysis.
GBPUSD remains in short term uptrend. Further rise is still possible in a couple of days. The next target would be at 1.4800 zone. Initial support is now at 1.4186, as long as this level holds, uptrend will continue.
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