USDCAD Analysis.
USDCAD formed a cycle top at 1.0215 level on 4-hour chart and dropped sharply to as low as 0.9970 level. Deeper decline to test 0.9953 previous low support is still possible later today, a breakdown below this level will indicate that the longer term downtrend from 1.0779 (Feb 5 high) has resumed, then another fall towards 0.9800 could be seen. However, minor consolidation would more likely be seen before breaking below 0.9953 level.
USDJPY Analysis.
USDJPY has formed a cycle bottom at 91.60 level on 4-hour chart. Support is at 92.50, as long as this level holds, another rise to 94.00-94.50 could be expected after a minor consolidation, and range trading between 91.60 and 94.68 would more likely be seen in a couple of weeks.
GBPUSD Analysis.
GBPUSD has formed a cycle bottom at 1.5191 level on 4-hour chart. Further rise to test 1.5522 is expected, a break above this level will indicate that the uptrend from 1.4798 has resumed, then another rise could be seen to 1.5800 area. Support is now at 1.5191, only fall below this level could trigger another fall to 1.5000 zone.
EURUSD Analysis.
EURUSD stays in a falling price channel and remains in downtrend from 1.3691. Deeper decline towards 1.3267 previous low is still possible in a couple of days. Key resistance is now located at 1.3522, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart and the fall from 1.3691 has completed.
AUDUSD Analysis.
Being contained by the uptrend line from 0.8801 (Feb 25 low) to 0.9001, AUDUSD bounce from 0.9157 and formed a cycle bottom on 4-hour chart. Now the bounce from 0.9157 could possibly be resumption of longer term uptrend from 0.8577 (Feb 5 low). Further rally towards 0.9381 could be expected after a minor consolidation.
USDCHF Analysis.
USDCHF breaks above 1.0689 resistance, suggesting that the uptrend from 1.0501 has resumed. Further rally to 1.0750 could be expected later today. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.
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