EURUSD Analysis.
EURUSD’s upward move from 1.2874 extended to as high as 1.3456 last week. Support is at 1.3300, as long as this level holds, one more rise to test 1.3497 resistance is still possible, a break above this level will indicate that the longer term downtrend from 1.4281 (Nov 4, 2010 high) had completed at 1.2874 already, then the following upward movement could bring price back towards 1.4281 previous high. On the downside, below 1.3300 will suggest that a cycle top is being formed at 1.3456 level on 4-hour chart, then pullback to 1.3200 area could be seen.
USDCHF Analysis.
USDCHF had formed a cycle top at 0.9783 level on 4-hour chart. Consolidation in a range between 0.9500 and 0.9783 is expected in a couple of days. Resistance is at 0.9783, only break above this level could trigger another rise towards 0.9900 area.
AUDUSD Analysis.
AUDUSD pulled back from 1.0019, however, the fall is likely correction of uptrend from 0.9803, another rise to test 1.0019 resistance is possible later today, a break above this level will confirm that the bounce from 0.9803 is resumption of uptrend, then further rise towards 1.0225 previous high could be seen. Only a breakdown below 0.9803 could indicate that the pair remains in downtrend from 1.0255, then deeper decline could be seen to 0.9600 area.
USDJPY Analysis.
USDJPY is in uptrend from 80.93, the fall from 83.68 is treated as consolidation of uptrend. Another fall to 82.00 area to reach next cycle bottom is still possible later today. Key resistance is at 83.68, a break above this level will indicate that the uptrend has resumed, then further rise to 85.00 area could be seen.
GBPUSD Analysis.
GBPUSD is facing 1.5910 resistance, consolidation would more likely be seen before breaking above this level. Support is at 1.5810, below this level will indicate that a cycle top is being formed on 4-hour chart, then range trading between 1.5750 and 1.5900 could be seen.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0207. Deeper decline is still possible in a couple of days and next target would be at 0.9800 area. Resistance is now at 0.9976, only break above this level could indicate that the fall from 1.0207 is complete.
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