GBPUSD Analysis.
GBPUSD has formed a cycle top at 1.5053 level on 4-hour chart. Now the fall from 1.5053 could possibly be resumption of downtrend from 1.5522. Deeper decline to re-test 1.4475 previous low support is possible later today, a break below this level could confirm that the downtrend has resumed, then next target would be at 1.4300 area. Resistance is at the falling trend line, as long as the trend line resistance holds, downtrend will continue.
USDCHF Analysis.
USDCHF stays in a trading range between 1.0923 and 1.1245. Lengthier consolidation in the range is still possible in a couple of days. Support remains at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend is expected to continue and another rise to 1.1400 is still possible, only a clear break below the trend line support could suggest that the upward movement from 1.0434 has completed.
EURUSD Analysis.
EURUSD breaks below 1.2526 previous low, suggesting resumption of downtrend from 1.3691. Deeper decline to test 1.2329 (Oct 28, 2008 low) support could be seen in a couple of days. Resistance is at 1.2610 followed by 1.2700, as long as these levels hold, downtrend from 1.3093 is expected to continue.
AUDUSD Analysis.
AUDUSD formed a cycle top at 0.9077 level on 4-hour chart. Another fall to 0.8835 area is possible later today. However, the fall from 0.9077 is treated as correction of uptrend from 87.15, another rise to 0.9200-0.9250 is still possible after correction and a break above 0.9077 could signal resumption of uptrend.
USDCAD Analysis.
USDCAD’s fall from 1.0795 extends further to as low as 1.0110. Consolidation of downtrend would more likely be seen in a couple of days and target of rebound would be at 1.0300 or even 1.0400. support is at 1.0110, only fall below this level could trigger another fall to 1.0000 area.
USDJPY Analysis.
USDJPY is in consolidation of uptrend from 88.25. Deeper decline to 91.50-92.00 area is possible later today. Resistance is now at 93.62, a break above this level could trigger another rise to 94.50 area.
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