USDCHF Analysis.
USDCHF might be forming a cycle top at 0.9368 level on 4-hour chart. Another fall to test 0.9201 key support would likely be seen later today, a break below this level will indicate that the downtrend from 0.9774 has resumed, then next target would be at 0.9100 zone. However, above 0.9368 will suggest that lengthier consolidation of downtrend from 0.9774 is underway, then further rally could be seen to 0.9400-0.9450 area.
EURUSD Analysis.
EURUSD broke below the rising price channel on 4-hour chart, suggesting that lengthier consolidation of uptrend from 1.2874 (Jan 10 low) is underway. Deeper decline would likely be seen in a couple of days, and next target would be at 1.3700 area. Resistance is at 1.3900, only break above this level could bring price back towards 1.4035 previous high.
GBPUSD Analysis.
GBPUSD’s downward movement from 1.6343 extended to as low as 1.6039. Support is now at the lower border of the price channel on 4-hour chart, rebound could be expected after touching the channel. However, a clear break below the channel support will indicate that the uptrend from 1.5344 (Dec 28, 2010 low) had completed at 1.6343 already, then the following downward movement could bring price to 1.5400 zone.
AUDUSD Analysis.
AUDUSD remains in short term downtrend from 1.0201. Resistance is at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 0.9950 area. Only a clear break above this trend line resistance will indicate that a cycle bottom is being formed.
USDJPY Analysis.
USDJPY broke above 83.03 resistance, suggesting that the uptrend from 81.57 has resumed. Further rise would likely be seen later today and next target would be at 83.50 area. Support is at the uptrend line on 4-hour chart, only a clear break below the trend line support could bring price back to 82.00 zone.
USDCAD Analysis.
After breaking below 0.9683 support, USDCAD rebounded from 0.9667. However, as long as 0.9775 resistance holds, the bounce is treated as consolidation of downtrend from 1.0057, another fall towards 0.9600 is still possible. Only break above 0.9775 will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.98230 zone.
