EURUSD bounced strongly to as high as 1.3383 level. The price action from 1.2969 (Nov 30, 2010 low) is likely consolidation of longer term downtrend from 1.4281 (Nov 4, 2010 high). Further rise towards 1.3497 (Dec 14, 2010 high) is still possible later today, however, downtrend is expected to resumed before breaking above this level. Support is at 1.3265 followed by 1.3190, below these levels will suggest that a cycle top has being formed on 4-hour chart, and the rise from 1.2874 has completed.
USDCHF is facing 0.9604 support, a breakdown below this level will indicate that a cycle top has been formed at 0.9783 level on 4-hour chart, and the rise from 0.9300 has completed, then deeper decline could be seen to 0.9400-0.9500 area. Resistance is at 0.9783, only break above this level could trigger another rise to 9900 zone.
AUDUSD formed a cycle bottom at 0.9803 level on 4-hour chart. The bounce from 0.9803 could possibly be resumption of uptrend. Further rally is expected after a minor consolidation and next target would be at 1.0150 area. Key support is at 0.9803, only break below this level could trigger another fall towards 0.9600.
USDJPY pulled back to as low as 82.55 level. Deeper decline is still possible later today and next target would be at 82.00 area. However, the fall is treated as consolidation of uptrend from 80.93, another rise towards 84.49 previous high resistance would likely be seen, and a break above 83.68 could signal resumption of uptrend.
GBPUSD remains in uptrend from 1.5406 and the rise extended to as high as 1.5883 level. Further rise to test 1.5910 resistance is still possible later today. Support is at 1.5710, as long as this level holds, uptrend will continue.
USDCAD remains in downtrend from 1.0033, the bounce from 0.9848 is treated as consolidation of downtrend. Another fall towards 0.9800 is still possible after consolidation. Resistance is at 0.9950, as long as this level holds, downtrend will continue.