GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5344 (Dec 28, 2010 low). As long as the trend line support holds, the fall from 1.6277 is treated as consolidation of uptrend, and one more rise to re-test 1.6298 (Nov 4, 2010 high) is still possible after consolidation. On the downside, a clear break below the trend line support will indicate that the rise from 1.5344 had completed at 1.6277 already, then the following downward move could bring price back 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 price action from 80.30 is likely a symmetrical triangle pattern. Further rise to 83.00 area is expected later today.
AUDUSD Analysis.
AUDUSD is forming a cycle top at 1.0199 level on 4-hour chart. Key support is now at 1.0103, a breakdown below this level will confirm the cycle top, then pullback to 1.0000 area could be seen. Resistance is at 1.0199, only break above this level could trigger another rise towards 1.0400 zone.
USDCHF Analysis.
USDCHF continued its upward movement from 0.9328 and the rise extended to as high as 0.9654 level. Further rise is still possible later today and next target would be at 0.9700 area. Support is at 0.9523, only break below this level could indicate that the rise from 0.9328 is complete.
USDCAD Analysis.
USDCAD broke above 0.9928 resistance and reached as high as 0.9977 level, suggesting that lengthier consolidation in a trading range between 0.9831 and 1.0057 is underway. Further rise would likely be seen later today and target would be at 1.0030 area.
EURUSD Analysis.
EURUSD is forming a cycle bottom at 1.3508 level on 4-hour chart. Range trading between 1.3508 and 1.3700 would likely be seen in a couple of days. However, the bounce from 1.3508 is treated as correction of downtrend from 1.3861, and another fall to 1.3400 could be seen after correction.
