EURUSD Analysis.
Being contained by 1.3497 resistance, EURUSD pulled back from 1.3456, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.3200 and 1.3456 is expected in a couple of days. However, the fall is likely consolidation of uptrend from 1.2874, one more rise to re-test 1.3497 key resistance is still possible, a break above this level could indicate that the longer term downtrend from 1.4281 (Nov 4, 2010 high) had completed at 1.2874 already, then the following bullish move could bring price towards 1.4281 previous high.
USDCHF Analysis.
USDCHF formed a cycle top at 0.9783 level on 4-hour chart. Range trading between 0.9500 and 0.9783 would likely be seen 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 stays in a trading range between 0.9803 and 1.0019. Another rise towards 1.0019 would likely be seen later today, a break above this level will indicate that the bounce from 0.9803 is resumption of uptrend, then further rise towards 1.0225 previous high could be seen. Support is at 0.9855 followed by 0.9803, only break below these levels could trigger another fall towards 0.9600 area.
USDJPY Analysis.
USDJPY’s fall from 83.68 extended further to as low as 82.35 level. Deeper decline is still possible later today and target would be at 82.00 area. However, the fall from 83.68 is treated as consolidation of uptrend, another rise towards 85.00 could be expected after consolidation.
GBPUSD Analysis.
GBPUSD broke above 1.5910 resistance, further rise is still possible in a couple of days and next target would be at 1.6100 area. Support is at 1.5800, only break below this level could indicate that a cycle top is being formed on 4-hour chart, then sideways consolidation could be seen to follow.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0207, the price action from 0.9848 is treated as consolidation of downtrend. 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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