GBPUSD Analysis.
GBPUSD is facing 1.5962 key support again, a breakdown below this level will indicate that the longer term uptrend from 1.5344 (Dec 28, 2010 low) had completed at 1.6343 already, then the following downward movement could bring price to 1.5700 area. Resistance is at the falling trend line on 4-hour chart, only break above the trend line resistance could trigger another rise towards 1.6343 previous high.
USDCHF Analysis.
USDCHF’s downward move from 0.9368 extended to as low as 0.8922. Resistance is at 0.9140, as long as this level holds, the bounce from 0.8922 is treated as consolidation of downtrend, another fall is still possible after consolidation.
EURUSD Analysis.
Being contained by 1.4035 resistance, EURUSD pulled back from 1.4012, suggesting that lengthier consolidation of uptrend from 1.3428 is underway. Range trading between 1.3752 and 1.4035 would likely be seen in a couple of days. As long as 1.3752 support holds, we’d expect uptrend to resume and one more rise towards 1.4200 is still possible after consolidation.
AUDUSD Analysis.
AUDUSD continued its downward movement from 1.0201, and the fall extended further to as low as 0.9704. Resistance is at 0.9885, as long as this level holds, downtrend could be expected to continue and next target would be at 0.9600-0.9650 area. Only break above 0.9885 resistance could indicate that the fall from 1.0201 is complete.
USDJPY Analysis.
USDJPY continued its downward move from 83.29 and reached 76.40, a new all time low. The subsequent bounce suggests that a cycle bottom had been formed on 4-hour chart. However, the bounce is treated as consolidation of downtrend, another fall is still possible after consolidation and next target would be at 75.00 zone.
USDCAD Analysis.
USDCAD is facing 0.9973 resistance, a break above this level will target 1.0100 area. Key support is at 0.9807, below this level could indicate that the downtrend from 1.0851 (May 25, 2010 high) has resumed, then deeper decline towards 0.9500 could be seen.
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