USDCHF Analysis.
USDCHF remains in uptrend from 0.9328, the fall from 0.9774 is likely consolidation of uptrend. Initial support is at the lower border of the rising price channel on 4-hour chart, and key support is at 0.9650, as long a this level holds, uptrend could be expected to resume and another rise towards 1.0000 is still possible after consolidation, only break below 0.9650 could indicate that lengthier consolidation of uptrend is underway and delay the resumption of uptrend.
GBPUSD Analysis.
GBPUSD runs in a falling price channel on 4-hour chart. The fall from 1.6277 is treated as consolidation of uptrend from 1.5344 (Dec 28, 2010 low). As long as the resistance of the upper border of the channel holds, downward move could be expected to continue and next target would be at 1.5900 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed on 4-hour chart and the fall from 1.6277 is complete.
USDJPY Analysis.
No changed in our view, USDJPY remains in uptrend from 81.13, and the fall from 83.67 is likely consolidation of uptrend. Support is at 83.10, followed by 82.80, as long as these levels holds, uptrend could be expected to resume, and a break above 83.67 could signal resumption of uptrend, then next target would be at 84.00 zone.
AUDUSD Analysis.
Being supported by a price channel on 4-hour chart, AUDUSD rebounded from 0.9960, suggesting that a cycle bottom had been formed on 4-hour chart. As long as 0.9960 support holds, further rally is still possible in a couple of days and next target would be at 1.0150 area, only break below 0.9960 could trigger another fall towards 0.9600.
USDCAD Analysis.
USDCAD stays in a trading range between 0.9831 and 1.0057. Another fall to test 0.9831 support would more likely be seen later today, a breakdown below this level could bring price to 0.9700 zone. Resistance is at 0.9900, only break above this level could indicate that lengthier consolidation in the range is underway.
EURUSD Analysis.
EURUSD’s fall from 1.3861 extended to as low as 1.3428 level. Deeper decline is still possible later today and next target would be at 1.3300-1.3400 area. Resistance is at 1.3560, only break above this level could bring price back to 1.3700 zone.
