GBPUSD Analysis.
GBPUSD’s bounce from 1.5751 extended to 1.5989 only, the subsequent fall suggests that lengthier sideways consolidation in a trading range between 1.5751 and 1.6058 is underway. However, as long as 1.5751 support holds, uptrend could be expected to resume and one more rise towards 1.6298 (Nov 4, 2010 high) previous high is still possible. Only break below 1.5751 could indicate that the uptrend from 1.5344 had completed at 1.6058 already, then the following downward move could bring price back to 1.5500 area.
USDCHF Analysis.
USDCHF remains in downtrend from 0.9783, and the bounce from 0.9390 is likely consolidation of downtrend. Resistance levels are at 0.9480 and 0.9550, as long as these levels hold, downtrend could be expected to continue.
USDCAD Analysis.
USDCAD is facing 1.0030 resistance, a break above this level will indicate that lengthier consolidation of long term downtrend is underway, then further rise to 1.0100-1.0200 area is possible. Key support is at 0.9908, only break below this level will suggest that the downtrend from 1.0372 (Oct 19, 2010 high) has resumed, then deeper decline could be seen to 0.9700 zone.
AUDUSD Analysis.
AUDUSD formed a sideways consolidation in a range between 0.9803 and 1.0076. Lengthier sideways movement could be expected to continue until the trading range is broken off. Key support is at 0.9832, a breakdown below this level could trigger another fall to 0.9600 area. Key resistance is at 1.0076, above this level will indicate that the long term uptrend from 0.8066 (May 25, 2010 low) has resumed, then further rise towards 1.0500 could be seen.
EURUSD Analysis.
EURUSD broke below 1.3637 support, suggesting that a cycle top had been formed at 1.3757 level on 4-hour chart. Consolidation in a range between 1.3450 and 1.3757 could be expected in a couple of days. Resistance is at 1.3757, only break above this level could indicate that the uptrend from 1.2874 has resumed, then another rise to 1.4000 area could be seen.
USDJPY Analysis.
After touching 83.11 resistance, USDJPY pulled back from 83.20. The fall had taken price back to a trading range between 81.85 and 83.20. Deeper decline to re-test 81.85 support would likely be seen later today, a breakdown below this level could target 81.00 zone.
