USDJPY Analysis.
USDJPY is in consolidation of downtrend from 83.96. As long as 82.23 resistance holds, downtrend could be expected to resume, and another fall towards 81.13 previous low support is possible. However, a break above 82.23 key resistance will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 83.96 has completed, then the following upward movement could bring price back to 93.00 zone.
GBPUSD Analysis.
GBPUSD’s upward movement from 1.6030 extended further to as high as 1.6343. Support is now at 1.6215, as long as this level holds, uptrend could be expected to continue and next target would be at 1.6500 area.
EURUSD Analysis.
EURUSD broke above 1.3861 resistance and reached as high as 1.3890 level. Near term support is at the rising trend line on 4-hour chart, the key support is at 1.3743, as long as this level holds, uptrend could be expected to continue and next target would be at 1.4000 area.
USDCHF Analysis.
USDCHF broke below 0.9233 support, suggesting that the downtrend from 0.9774 has resumed. Deeper decline could be seen in a couple of days. Resistance is at 0.9321, only break above this level could indicate that the fall from 0.9774 is complete.
AUDUSD Analysis.
AUDUSD is forming a cycle bottom at 1.0085 level on 4-hour chart. Key resistance is at 1.0201, a break above this level will confirm the cycle bottom and indicate that the longer term uptrend from 0.8066 (May 25, 2010 low) has resumed, then another rise towards 1.0400 area could be seen.
USDCAD Analysis.
USDCAD is forming a cycle bottom at 0.9683 level on 4-hour chart. Consolidation in a range between 0.9683 and 0.9800 would likely be seen in a couple of days. Downtrend could be expected to resume after consolidation, and another fall towards 0.9600 could be seen.
