EURUSD’s bounce from 1.2858 extended to as high as 1.3076. Further rise is still possible later today, and the target would be at the upper line of the price channel on 4-hour chart. Key resistance is at 1.3196, as long as this level holds, the price action from 1.2946 is treated as consolidation of downtrend from 1.4246 (Oct 27, 2011 high). Downtrend could be expected to resume after consolidation, and another fall towards 1.2500 is still possible. On the upside, a break above 1.3196 will suggest that the fall from 1.4246 has completed at 1.2858 already, then further rally could be seen to 1.3900 area.
USDCHF continued its sideways movement in a range between 0.9244 and 0.9546. As long as 0.9244 key support holds, the price action in the range is treated as consolidation of uptrend from 0.8569 (Oct 27, 2011 low), and another rise towards 1.0000 is still possible. On the downside, a breakdown below 0.9244 will signal completion of the uptrend from 0.8569, then the following downward movement could bring price back to 0.8850 zone.
AUDUSD broke above 1.0378 key resistance, and is now in uptrend from 0.9861. Further rise is expected over the next several days, and the target would be at 1.0900 area. Initial support is at 1.0290 followed by 1.0255, and the key support is located at the upward trend line on 4-hour chart.
USDCAD broke below 1.0125 previous low, suggesting that the downtrend from 1.0422 has resumed. Further fall would likely be seen in a couple of days, and next target would be at 1.0000. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
GBPUSD’s bounce from 1.5362 extended to as high as 1.5669. Further rise towards 1.5779 is still possible later today, as long as this level holds, the price action in the trading range between 1.5362 and 1.5779 is treated as consolidation of downtrend from 1.6164 (Oct 31, 2011 high), another fall to re-test 1.5272 (Oct 6, 2011 high) support is still possible, only break above 1.5779 could signal completion of the downtrend from 1.6164.
USDJPY is facing 76.56 support. Further decline would likely be seen after a minor consolidation, and the target would be at 76.00 area. Key resistance is at 77.15, only break above this level could signal completion of the downtrend.