USDCHF Analysis.
USDCHF moved sideways in a range between 0.9244 and 0.9546 for several days. The price action in the range is likely consolidation of uptrend from 0.8569 (Oct 27, 2011 low). As long as 0.9244 key support holds, uptrend could be expected to resume, and one more rise towards 1.0000 is still possible after consolidation. Only a breakdown below 0.9244 could indicate that the uptrend from 0.8569 had completed at 0.9546 already, then the following downward move could bring price back to 0.8850 area.
EURUSD Analysis.
EURUSD formed a cycle bottom at 1.2858 on 4-hour chart. Further rally would likely be seen later today, and the target would be at 1.3100-1.3150 area. However, the rise from 1.2858 is treated as consolidation of the downtrend from 1.4246 (Oct 27, 2011 high), another fall towards 1.2500 could be seen after consolidation, and a breakdown below 1.2858 will signal resumption of the downtrend.
AUDUSD Analysis.
AUDUSD’s rise from 0.9861 extended to as high as 1.0295. Further rise towards 1.0378 is still possible later today, as long as this level holds, the rise is treated as correction of downtrend from 1.0378, another fall could be expected after consolidation. Support is located at the upward trend line on 4-hour chart, a clear break below the trend line could signal resumption of downtrend.
USDCAD Analysis.
Being supported by the upward trend line from 0.9891 (Oct 27, 2011 low) to 1.0051, USDCAD rebounded from 1.0125, suggesting completion of the downtrend from 1.0422. Another rise would likely be seen, and the target would be at 1.0400 area.
GBPUSD Analysis.
GBPUSD formed a sideways consolidation in a range between 1.5362 and 1.5779. Lengthier consolidation in the range would likely be seen in a couple of days, and rise to 1.5600-1.5650 area to reach next cycle top on 4-hour chart is expected.
USDJPY Analysis.
USDJPY’s downward move from 78.21 extends to as low as 76.83. Further fall is still possible over the next several days, and next target would be at 76.00 area. Resistance is at 77.40, only break above this level could signal completion of the downtrend.
