USDCAD Analysis.
USDCAD continues its sideways movement in a range between 0.9841 and 1.0050. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), one more fall to 0.9700-0.9800 area is still possible after consolidation. Only break above 1.0050 will indicate that the fall had completed, then the following upward move could bring price back to 1.0400 area.
USDJPY Analysis.
USDJPY may be forming a cycle top at 82.64 on 4-hour chart. Range trading between 81.50 and 82.64 would likely be seen in a couple of days. As long as 81.50 support holds, we’d expect uptrend to resume, and another rise towards 85.00 is still possible.
AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0855, the price action from 1.0507 is treated as consolidation of the downtrend. Bounce to 1.0650 area to complete to consolidation would likely be seen later today.
USDCHF Analysis.
After breaking above 0.9200, USDCHF pulled back from 0.9218, suggesting that lengthier consolidation of the uptrend from 0.8931 is underway. Deeper decline to 0.9100 area to complete to consolidation would likely be seen.
EURUSD Analysis.
After touching 1.3096 support, EURUSD rebounded from 1.3079, suggesting that lengthier consolidation of the downtrend from 1.3486 is underway. Further rise to 1.3250 area to complete to consolidation would likely be seen.
GBPUSD Analysis.
GBPUSD breaks below 1.5648 key support, suggesting that the uptrend from 1.5236 had competed at 1.5991 already. Further decline could be seen after a minor consolidation, and next target would be at 1.5500 area.
