USDJPY Analysis
USDJPY is forming a sideways consolidation in a range between 104.96 and 107.91. Further fall towards 104.96 previous low to reach the next short term cycle bottom on 4-hour chart is possible later today. Key support is at 104.96, only break below this level will signal the resumption of the down trend. Near term resistance is at 107.45 and followed by 107.91, a break above 107.91 level will signal the reversal to the down trend.
AUDUSD Analysis
AUDUSD broke above 0.9018 previous high and the rise from 0.8512 extends to as high as 0.9046. Further rally towards 0.9300 area is expected. Near term support is at 0.8819, as long as this support holds, we’d expect up trend to continue.
EURUSD Analysis
EURUSD failed to test 1.4966 (Nov 23, 2007 high) and pulled back from 1.4951 level. Further decline towards 1.4500 area is still possible in a couple of days. Key resistance is at 1.4966, a break above this level will signal the resumption of the up trend.
USDCAD Analysis
USDCAD formed a short term cycle bottom at 0.9871 on 4-hour chart. Sideways consolidation in a range between 0.9871 and 1.0086 can be seen in a couple of days. Key resistance is at 1.0118, a break above this level will signal the reversal to the down trend, and further rise towards 1.0378 previous high can be seen.
USDCHF Analysis
USDCHF formed a short term cycle bottom at 1.0729 on 4-hour chart. Further rise towards 1.1100 area to reach the next cycle top is still possible in a couple of days. Key support is at 1.0729, a break below this level will signal the resumption of the down trend.
GBPUSD Analysis
GBPUSD formed a short term cycle top at 1.9957 level on 4-hour chart. Further pullback towards 1.9337 previous low can be seen in a couple of days, and rebound from 1.9337 support is expected to follow.
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