No changed in our view, USDJPY is forming a sideways consolidation in a range between 104.96 and 107.91. Further pullback towards 104.96 previous low to reach the next short term cycle bottom on 4-hour chart is still possible in a couple of days. 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 key resistance is at 107.91, a break above 107.91 level will indicate that the down trend from 114.77 (Dec 27, 2007 high) has completed at 104.96 level, and further rally towards 111.00 area is expected to follow.
AUDUSD is in up trend. The rise from 0.8512 extended to as high as 0.9100 level. Further rally towards 0.9300 area is expected. Near term support is at the up trend line from 0.8512 to 0.8819, as long as the trend line support holds, we’d expect up trend to continue.
EURUSD failed to test 1.4966 (Nov 23, 2007 high) and pulled back from 1.4951 level. Deeper decline could still be seen to 1.4500 area 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 is forming a sideways consolidation in a range between 0.9871 and 1.0086. Key resistance is at 1.0118, a break above this level will indicate that the down trend from 1.0378 has completed at 0.9871 level, and further rebound towards 1.0378 previous high could then be seen.
USDCHF formed a short term cycle bottom at 1.0729 on 4-hour chart. Further rebound 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 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.