USDJPY Analysis.
USDJPY stays in the falling price channel and remains in downtrend from 101.43. As long as the channel resistance holds, we’d expect the downtrend to resume and deeper decline is still possible to 97.00-97.50 area. On the other side, the pair might be forming a short term cycle bottom at 97.65 level on 4-hour chart. Key resistance is now at 99.74, above this level will indicate that the fall from 101.43 has completed.
USDCAD Analysis.
USDCAD breaks above 1.2483 resistance, suggesting that the fall from 1.3063 (Mar 9 high) has completed at 1.1981 already. The pair is now in short term uptrend, the pullback from1.2504 is treated as consolidation of the uptrend. Further rally is expected to 1.2600-1.2650 area after consolidation. Near term support is at 1.2300 followed by 1.2240.
AUDUSD Analysis.
AUDUSD rebounds sharply at 0.6952, suggesting that a short term cycle bottom on 4-hour chart is being formed. Consolidation in a range between 0.6952 and 0.7180 is expected in next several days. Key resistance is at 0.7238, above this level will indicate that the pair remains in medium term uptrend from 0.6284 (Mar 4 low), and the price action from 0.7322 is consolidation of the uptrend.
GBPUSD Analysis.
GBPUSD might be forming a short term cycle bottom at 1.4467 level on 4-hour chart. Range trading between 1.4467 and 1.4770 is expected in next several days. However, the price action from 1.4467 is treated as correction of the downtrend from 1.5066, further fall towards 1.4200 zone is still possible after correction.
EURUSD Analysis.
EURUSD remains in short term downtrend from 1.3392. Further fall is still in favor, and the next target is at 1.2800 zone. Initial resistance is at 1.3000, as long as this level holds, we’d expect the downtrend to continue.
USDCHF Analysis.
USDCHF stays above the rising trend line on 4-hour chart and remains in short term uptrend from 1.1303. Further rise is possible to 1.1800-1.1850 area in a couple of days. Initial support is at 1.1640 and followed by 1.1600, as long as 1.1600 level holds, uptrend will continue.
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