GBPUSD Analysis.
GBPUSD broke above 1.6277 resistance, suggesting that a cycle bottom has been formed at 1.6030 level on 4-hour chart, and the longer term uptrend from 1.5344 (Dec 28, 2010 low) has resumed. Further rise towards 1.6500 area would likely be seen in a couple of days. Support is at 1.6215, as long as this level holds, uptrend from 1.6030 could be expected to continue.
EURUSD Analysis.
EURUSD is facing 1.3861 resistance again, a break above this level will indicate that the longer term uptrend from 1.2874 (Jan 10 low) has resumed, then next target would be at 1.4000 area. However, as long as 1.3861 resistance holds, another fall towards the lower border of the price channel on 4-hour chart is still possible.
USDCHF Analysis.
USDCHF remains in downtrend from 0.9774, and the price action from 0.9233 is treated as consolidation of downtrend. Range trading between 0.9233 and 0.9360 would likely be seen in a couple of days. Support is at 0.9233, below this level will indicate that the downtrend from 0.9774 has resumed, then next target would be at 0.9100 zone.
USDJPY Analysis.
USDJPY remains in downtrend from 83.96, the bounce from 81.62 is treated as consolidation of downtrend. Resistance is at 82.25, as long as this level holds, downtrend could be expected to resume and another fall towards 81.13 previous low is possible.
AUDUSD Analysis.
AUDUSD broke above 1.0199 resistance, suggesting that the longer term uptrend from 0.8066 (May 25, 2010 low) has resumed. Further rise is expected in a couple of days and next target would be at 1.0400 area. Support is at 1.0130, as long as this level holds, uptrend will continue.
USDCAD Analysis.
USDCAD is in downtrend from 0.9958, and the fall extends further to as low as 0.9705. Deeper decline is still possible in a couple of days, and next target would be at 0.9650 area. Resistance is at 0.9750, as long as this level holds, downtrend will continue.
