GBPUSD Analysis.
GBPUSD broke above the falling price channel on 4-hour chart, suggesting that a cycle bottom had been formed at 1.5962 level. Further rise towards 1.6277 is expected later today, a break above this level will indicate that the uptrend from 1.5344 (Dec 28, 2010 low) has resumed, then next target would be at 1.6500 zone. However, as long as 1.6277 resistance holds, the bounce from 1.5962 is treated as a part of consolidation of uptrend, one more fall to 1.5800-1.5900 area is still possible.
USDCHF Analysis.
USDCHF broke below the rising price channel on 4-hour chart, suggesting that lengthier consolidation of uptrend from 0.9328 is underway. Range trading between 0.9600 and 0.9774 would likely be seen in a couple of days. However, as long as 0.9600 support holds, one more rise towards 1.0000 is still possible after consolidation, and a break of 0.9774 could signal resumption of uptrend.
USDJPY Analysis.
USDJPY continued its upward move from 81.13 and the rise extended to as high as 83.91 level. Support is at 83.09, as long as this level holds, uptrend could be expected to continue and next target would be at 84.30 area. However, a breakdown below 83.09 will indicate that a cycle top had been formed on 4-hour chart, and the rise from 81.13 had completed, then pullback to 82.00 area could be seen.
AUDUSD Analysis.
AUDUSD’s downward movement extended further to as low as 0.9943. Deeper decline is still possible in a couple of days and next target would be at 0.9850-0.9900 area. Resistance is at 1.0073, as long as this level holds, downtrend will continue.
USDCAD Analysis.
USDCAD is facing 0.9831 support, another fall to test this support level would likely be seen later today, a breakdown below this level will indicate that the long term downtrend has resumed, then deeper decline could be seen to 0.9700 zone.
EURUSD Analysis.
EURUSD remains in downtrend from 1.3743, the bounce from 1.3428 is treated as consolidation of downtrend. Deeper decline is still possible and next target would be at 1.3300-1.3400 area. Resistance is at 1.3571, only break above this level could indicate that the fall from 1.3743 had completed at 1.3428 already, then further rally could be seen to 1.3700 zone.
