USDJPY is in consolidation of the medium term uptrend from 87.12 (Jan 21 low). Moving sideways in a range between 96.35 and 98.70 is expected in a couple of days. Further rally is still possible after consolidation. A break above 98.70 resistance will signal further rise towards 100.00 zone. Near term support is at 96.35 and key support is located at 95.00, below 95.00 level will indicate that the medium term uptrend from 87.12 has completed.
EURUSD is testing 1.2512 support, a break below this level will signal deeper decline to 1.2400 zone. Initial resistance is at the upper border of the falling price channel, now at 1.2670, as long as this level holds, we’d expect the downtrend from 1.2810 to continue.
USDCAD is moving to test the long term key resistance at 1.3015 (Oct 28, 2008 high). A break above this level will indicate that the long term uptrend from 0.9056 (Nov 7, 2007 low) has resumed and the next long term target would be at 1.3500 zone. Initial support is located at 1.2775, only fall below this level will signal consolidation of the uptrend from 1.2356.
As expected, GBPUSD drops below 1.4093 support, suggesting that the short term downtrend from 1.4661 is underway. Deeper decline is possible to 1.3700 level in a couple of days. Initial resistance is at the down trend line on 4-hour chart and the key resistance is located at 1.4383, only rise above this level will indicate that the fall from 1.4661 has completed, and the following uptrend will bring price back to test 1.4985 resistance.
AUDUSD is in short term downtrend from 0.6553. Deeper decline is possible to 0.6100 zone in a couple of days. Initial resistance is at 0.6385, as long as this level holds, we’d expect the downtrend to continue.
No changed in our view, USDCHF is in short term uptrend from 1.1459. Further rise is expected to test 1.1883 previous high resistance in next several days. A break above this level will signal further rally to 1.2000 zone. Initial support is at 1.1610 and followed by the lower border of the price channel now at 1.1515.