GBPUSD Analysis.
GBPUSD stays above a rising trend line on 4-hour chart and remains in uptrend from 1.5344 (Dec 28, 2010 low), the fall from 1.6277 treated as consolidation of uptrend. Sideways movement in a range between 1.6000 and 1.6277 would likely be seen in a couple of days, and uptrend could be expected to resume after touching the trend line. However, a clear break below the trend line support will indicate that the uptrend from 1.5344 had completed at 1.6277 already, then the following downward move could bring price to 1.5600 area.
USDJPY Analysis.
USDJPY is forming a sideways consolidation in a trading range between 80.30 (Nov 1, 2010 low) and 84.50 (Dec 15, 2010 high), the sideways movement is likely a symmetrical triangle pattern. Further rise to 83.00 area is expected in a couple of days.
AUDUSD Analysis.
AUDUSD is forming a cycle top at 1.0199 level on 4-hour chart. Pullback to test 1.0055 key support could be seen later today, a breakdown below this level will confirm the cycle top, then the following downward move could bring price to 1.0000 or even lower. However, as long as 1.0055 support holds, uptrend from 0.9832 could be expected to resume, and one more rise towards 1.0255 previous high is still possible.
USDCHF Analysis.
USDCHF remains in uptrend from 0.9328. Initial support is at 0.9525, as long as this level holds, uptrend could be expected to continue and next target would be at 0.9650 area. However, below 0.9525 will indicate that a cycle top is being formed on 4-hour chart, then pullback to 0.9450 area could be seen.
USDCAD Analysis.
After breaking below 0.9836, USDCAD rebounded from 0.9831. As long as 0.9928 resistance holds, the bounce is treated as consolidation of downtrend from 1.0057, and another fall to 0.9750-0.9800 area is still possible, only break above 0.9938 could bring price back to 1.0000 area.
EURUSD Analysis.
EURUSD may be forming a cycle bottom at 1.3508 level on 4-hour chart. Consolidation in a range between 1.3508 and 1.3700 would likely be seen in a couple of days. As long as1.3700 resistance holds, downtrend from 1.3861 could be expected to resume, and another fall to 1.3400 is still possible.
