USDCHF Analysis.
After breaking below the lower border of the price channel on 4-hour chart, USDCHF dropped sharply from 1.0785, suggesting that a cycle top had been formed. Now the fall from 1.0785 is treated as resumption of downtrend, deeper decline towards 1.0434 previous low could be seen in next several days. Resistance is at 1.0610 followed by 1.0645.
USDJPY Analysis.
USDJPY might be forming a cycle bottom at 92.83 level on 4-hour chart. Key resistance is now at 93.78, a break above this level will confirm the cycle bottom, then another rise to test 94.68 resistance could be seen. Support is at 92.83, below this level could trigger another fall towards 92.12 level.
EURUSD Analysis.
EURUSD breaks above 1.3590 resistance. Further rally could be seen to test 1.3817, a break of this level will confirm that the longer term downtrend from 1.5144 (Nov 25, 2009 high) has completed at 1.3267 already. Support is at 1.3580 followed by 1.3525.
AUDUSD Analysis.
AUDUSD continues its upward movement from 0.9001 and reaches as high as 0.9381 level. Further rally is still possible to test 0.9404 (Nov 16, 2009 high) resistance. Support remains at the rising trend line from 0.9001 to 0.9164, only fall below the trend line could indicate that the uptrend from 0.9001 has completed.
GBPUSD Analysis.
GBPUSD breaks above 1.5382 key resistance, suggesting that the longer term downtrend from 1.6875 (Nov 16, 2009 high) has completed at 1.4784 already. Further rally is now in favor and next target would be at 1.5600-1.5700 area.
USDCAD Analysis.
USDCAD traded in a range between 0.9977 and 1.0104. The price action in the trading range is more likely consolidation of downtrend from 1.0302. As long as 1.0104 resistance holds, another fall towards 0.9900 is still possible after consolidation.
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