EURUSD Analysis.
EURUSD has formed a cycle bottom at 1.2523 level on 4-hour chart. Further rally would more likely be seen later today and next target would be at 1.2800 area. On the downside, the pair is facing the upper border of a price channel again, if the channel resistance holds, pullback to test 1.2523 key support is possible, below this level will indicate that the rise from 1.2150 is complete, then the following downward movement could bring price back to the lower border of the channel.
GBPUSD Analysis.
GBPUSD has formed a cycle bottom at 1.4948 level on 4-hour chart. Now the rise from 1.4948 is treated as resumption of uptrend from 1.4230 (May 20 low). Further rally is expected after a minor consolidation and next target would be at 1.5522 (Apr 15 high). Support is now at 1.5100, only fall below this level could indicate that lengthier consolidation of uptrend is underway and delay the resumption of uptrend.
USDCHF Analysis.
USDCHF stays in a trading range between 1.0480 and 1.0695. As long as 1.0695 key level holds, the price action in the range is treated as consolidation of downtrend from 1.1730, and another fall to 1.0300 is still possible, only rise above 1.0695 could indicate that the fall from 1.1730 is complete.
USDCAD Analysis.
USDCAD continues its bearish movement from 1.0676, and the fall extends further to as low as 1.0276 level. Deeper decline is still possible in a couple of days and next target would be at 1.0200 area. Resistance is at 1.0385, only rise above this level will suggest that the fall from 1.0676 is complete.
AUDUSD Analysis.
AUDUSD is facing 0.8858 previous high resistance. Break above this level would more likely be seen later today and next target is at 0.9000 area. Key support is at 0.8682, only fall below this level could indicate that that uptrend from 0.8315 is complete.
USDJPY Analysis.
USDJPY failed to break below 88.00 key support and bounced from 88.02 level, suggesting that the pair remains in uptrend from 86.96. Further rally is still possible later today and next target would be at 89.50-90.00 area. Key support remains at 88.00, only fall below this level will indicate that the rise from 86.96 is complete, then another fall towards 84.82 (2009 low) could be seen.
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