USDCHF Analysis.
USDCHF failed to break below 0.9304 support and rebounded from 0.9305 last Friday, however, another fall to re-test this support is still possible later today, a breakdown below it will suggest that the uptrend from 0.8569 (Oct 27, 2011 low) has completed at 0.9594 already, then the following downward movement could bring price back to 0.8850 zone. Initial resistance is at 1.9410, only break above this level could indicate that a cycle bottom has been formed at 0.9305 on 4-hour chart, then another rise to test 0.9594 previous high resistance could be seen.
AUDUSD Analysis.
AUDUSD broke above 1.0448 previous high resistance, and reached as high as 1.0492, suggesting that the uptrend from 0.9861 has resumed. Further rise could be seen in a couple of days, and next target would be at 1.0600 area. Support remains at the lower border of the price channel on 4-hour chart, as long as the channel support holds, uptrend will continue.
EURUSD Analysis.
EURUSD’s upward movement from 1.2624 extended to as high as 1.2985, the subsequent pullback suggests that a cycle top is being formed on 4-hour chart. Deeper decline would likely be seen in a couple of days, and target would be at 1.2750 area. As long as 1.2624 key support holds, the fall is treated as correction of uptrend, and another rise towards 1.3200 is still possible, only a breakdown below 1.2624 could signal resumption of the longer term downtrend from 1.4246 (Oct 27, 2011 high).
USDCAD Analysis.
USDCAD has formed a cycle bottom at 1.0069 on 4-hour chart. Range trading between 1.0069 and 1.0200 would likely be seen over the next several days. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds the rise from 1.0069 is treated as consolidation of downtrend from 1.0318, and another fall towards 1.0000 is still possible.
GBPUSD Analysis.
GBPUSD’s bounce from 1.5236 extended to as high as 1.5577. Support is at 1.5490, as long as this level holds, uptrend will continue. On the downside, a breakdown below 1.5490 support will suggest that a cycle top is being formed on 4-hour chart, then pullback to 1.5400 area could be seen.
USDJPY Analysis.
USDJPY failed to break above 77.32 resistance and pulled back to 76.91, suggesting that a cycle top has been formed on 4-hour chart. Range trading between 76.55 and 77.32 could be seen over the next several days.
