USDCAD Analysis.
USDCAD stays in a trading range between 1.9977 and 1.0104. Lengthier sideways movement in the range is still possible later today. However, 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, and a breakdown below 0.9977 could signal resumption of downtrend.
USDCHF Analysis.
USDCHF is in downtrend from 1.0785 and the bounce from 1.0550 is more likely minor consolidation of downtrend. Resistance is at 1.0620 followed by 1.0640, as long as these levels hold, downtrend could be expected to continue and next target would be at 1.0500 area.
USDJPY Analysis.
USDJPY breaks below 92.83 support, suggesting that the downward movement from 94.68 has resumed. Another fall towards 92.12 is now in favor. Key resistance is at 93.78, only rise above this level could indicate that the fall from 94.68 has completed.
EURUSD Analysis.
EURUSD remains in uptrend from 1.3282 and the pullback from 1.3691 is treated as minor consolidation of uptrend. Support levels are at 1.3565 and 1.3535, as long as these levels hold, one more rise to test 1.3817 is possible after consolidation, a break above this level will indicate that the longer term downtrend from 1.5144 (Nov 25, 2009 high) has completed at 1.3267 already.
AUDUSD Analysis.
Being contained by 0.9404 (Nov 16, 2009 high) previous high resistance, AUDUSD pulled back from 0.9381, suggesting that a cycle top is being formed on 4-hour chart. Key support is at 0.9222, a breakdown below this level will confirm the cycle top, then deeper decline could be seen to 0.9165 or even 0.9100. Resistance is at 0.9381, only rise above this level could trigger another rise towards 0.9500 area.
GBPUSD Analysis.
GBPUSD remains in uptrend from 1.4798 and the fall from 1.5485 is more likely minor consolidation of uptrend. Support is now locate at the uptrend line on 4-hour chart, as long as the trend line support holds, further rally could be expected after consolidation and next target would be at 1.5600 area.
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