USDCAD Analysis.
USDCAD’s fall from 0.9973 extended to as low as 0.9749. Deeper decline towards 0.9667 previous low is still possible in a couple of days, a breakdown below this level will indicate that the long term downtrend from 1.0851 (May 25, 2010 high) has resumed, then next target would be at 0.9500 zone. Resistance is at 0.9865, only break above this level could trigger another rise towards 1.0000.
GBPUSD Analysis.
GBPUSD is facing 1.6343 resistance, a break above this level will indicate that the longer term uptrend from 1.5344 (Dec 28, 2010 low) has resumed, then next target would be at 1.6500 zone. However, sideways consolidation is possible before breaking above this level, and range trading between 1.6200 and 1.6343 would more likely be seen.
USDJPY Analysis.
USDJPY is in downtrend from 81.96. Deeper decline would likely be seen later today and target would be at 79.50-80.00 area. Key resistance is at 81.96, only break above this level could trigger another rise to 83.00 zone.
USDCHF Analysis.
USDCHF traded in a range between 0.8922 and 0.9090. The price action in the range is treated as consolidation of downtrend from 0.9968. Resistance is at 0.9090, followed by 0.9150, as long as these levels hold, downtrend could be expected to resume, and another fall towards 0.8700 is still possible.
EURUSD Analysis.
EURUSD remains in uptrend from 1.3752, and the rise extended to as high as 1.4240. Further rise towards 1.4281 (Nov 4, 2010 high) could be seen later today, a break above this level will target 1.4500 area, however, minor consolidation would more likely be seen before breaking above this level.
AUDUSD Analysis.
AUDUSD continued its upward movement from 0.9704 and the rise extended to as high as 1.0069. Further rise is still possible later today and next target would be at 1.0100-1.0150 area. Support is at 1.0000, as long as this level holds, uptrend will continue.
