USDCHF Analysis.
USDCHF stayed in a trading range between 0.8275 and 0.8550 for several weeks. The price action in the range is treated as consolidation of longer term downtrend from 0.9774 (Feb 11 high). Further fall to test 0.9275 would likely be seen after a minor consolidation, a breakdown below this level will signal resumption of the downtrend.
EURUSD Analysis.
EURUSD’s downward movement extended further to as low as 1.3986, Deeper decline to re-test 1.3969 support is still possible after a minor consolidation, a breakdown below this level will indicate that the longer term downtrend from 1.4939 has resumed. Resistance levels are at 1.4110 and 1.4170.
AUDUSD Analysis.
AUDUSD is in uptrend from 1.0390, the price action from 1.0789 is treated as consolidation of uptrend. Deeper decline to 1.0590 area is still possible later today. Initial resistance is now at 1.0680, a break above this level will suggest that a cycle bottom is being formed on 4-hour chart, then further rise to test 1.0789 key resistance would likely be seen.
USDJPY Analysis.
USDJPY broke below the support of the uptrend line on 4-hour chart, suggesting that the rise from 79.69 had completed at 81.47 already. Further decline to test 79.69 support is expected, a breakdown below this level will target 78.00 zone.
GBPUSD Analysis.
GBPUSD broke below 1.5912 support, suggesting that the longer term downtrend from 1.6546 has resumed. Further fall is expected in a couple of days, and next target would be at 1.5750-1.5800 area. Key resistance is at 1.6139, only break above this level could indicate that the downtrend from 1.6546 is complete.
USDCAD Analysis.
USDCAD is facing 0.9694 resistance, a break above this level will indicate that lengthier consolidation of downtrend from 0.9912 is underway, then further rally could be seen to 0.9746 area.
