EURUSD Analysis.
EURUSD has formed a cycle bottom at 1.2526 level on 4-hour chart. Range trading between 1.2526 and 1.3000 is expected in a couple of days. As long as 1.3000 level holds, the bounce from 1.2526 is treated as consolidation of downtrend from 1.3691 and another fall towards 1.2329 (Oct 28, 2008 low) is still possible. However, a break above 1.3000 will indicate that the fall from 1.3691 has completed at 1.2526 already, then the following uptrend could take price to 1.3200-1.3400 area.
USDCHF Analysis.
USDCHF has formed a cycle top at 1.1245 level on 4-hour chart. Sideways movement in a range between 1.0960 and 1.1245 would more likely be seen in a couple of days. However, the price action from 1.1245 is more likely consolidation of uptrend from 1.0434, as long as the rising trend line support holds, another rise to 1.1400 is still possible after consolidation, only fall below the trend line support could indicate that the rise from 1.0434 has completed.
AUDUSD Analysis.
AUDUSD has formed a cycle bottom at 0.8715 level on 4-hour chart. Further rise could be seen to 0.9150 area. Support is at 0.8800 followed by 0.8715, only fall below these levels could take price back to re-test 0.8577 (Feb 5 low) support.
USDCAD Analysis.
USDCAD has formed a cycle top at 1.0735 level on 4-hour chart. Now the fall from 1.0735 could possibly be resumption of downtrend. Range trading between 1.0300 and 1.0500 would more likely be seen in a couple of days and another fall towards 0.9930 is expected after consolidation.
GBPUSD Analysis.
GBPUSD’s bearish movement extends to 1.4475 level, the subsequent bounce suggests that a cycle bottom has been formed on 4-hour chart. However, the bounce could possibly be consolidation of downtrend from 1.5522, another fall to 1.4000 is still possible after consolidation and a breakdown below 1.4475 could signal resumption of downtrend.
USDJPY Analysis.
No changed in our short term outlook, USDJPY drops sharply to as low as 88.25. The subsequent bounce suggests that a cycle bottom has been formed on 4-hour chart. Another rise towards 94.98 would more likely be seen after consolidation.
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