USDJPY Analysis.
USDJPY remains in short term uptrend from 95.62 and is testing 99.74 resistance, above this level will signal further rally to 100.00-100.50 area. Initial support is at 98.90 followed by 98.50. As long as 98.90 support holds, we’d expect uptrend to continue. However, below 98.50 will suggest that a short term cycle top has been formed and range trading between 98.00 and 100.00 is expected to follow.
EURUSD Analysis.
EURUSD failed to test 1.3392 resistance and pulled back from 1.3385 level. Further fall towards 1.3100 would more likely be seen in a couple of days. Initial resistance is now at 1.3385, break above this level will signal further rally to 1.3500 zone.
USDCAD Analysis.
USDCAD remains in downtrend from 1.2504. Further fall to test 1.1761 (Jan 6 low) support is possible later today and consolidation would more likely be seen before breaking below this level. Near term resistance is at 1.1975, above this level will indicate that a short term cycle bottom has been formed on 4-hour chart.
USDCHF Analysis.
USDCHF is in range trading between 1.1270 and 1.1432. Further rise would more likely be seen to 1.1500-1.1550 area after breaking above 1.1432 level. Near term support is at 1.1270, below this level will indicate that the downtrend from 1.1740 has resumed, and deeper decline could be seen to 1.1200 zone.
AUDUSD Analysis.
AUDUSD is testing 0.7383 previous high resistance, a break above this level will signal further rally to 0.7500 zone. Near term support is now at 0.7240, only fall below this level will indicate lengthier consolidation of the uptrend from 0.6989 is underway, and then pullback could be seen to 0.7150 level.
GBPUSD Analysis.
GBPUSD remains in short term uptrend from 1.4397. further rise is still possible to test 1.5066 key resistance, above this level will signal further rally to 1.5300-1.5400 area. Initial support is at the rising trend line on 4-hour chart, and as long as the trend line support holds, uptrend will continue.
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