GBPUSD Analysis.
GBPUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.5991, the price action from 1.5602 is treated as consolidation of the downtrend. Another fall would likely be seen after consolidation, and next target would be at 1.5500 area. Support is at 1.5602, a breakdown below this level could signal resumption of the downtrend. Resistance is at the upper line of the channel, only a clear break above the channel could signal completion of the downtrend.
USDCAD Analysis.
USDCAD continues its sideways movement in a range between 0.9841 and 1.0050. Lengthier consolidation in the range is still possible in a couple of days. Key resistance is at 1.0050, as long as this level holds, the sideways movement is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and one more fall to 0.9700-0.9800 area is still possible, only break above 1.0050 could signal completion of the downtrend.
USDJPY Analysis.
USDJPY’s upward movement from 80.58 extends to as high as 84.17. Further rise is still possible in a couple of days, and next target would be at 84.50 area. Support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.
AUDUSD Analysis.
AUDUSD continues its downward movement from 1.0855. Further decline could be expected after a minor consolidation, and next target would be at 1.0350 area. Resistance is at the downward trend line on 4-hour chart, as long as the trend line holds, downtrend will continue.
USDCHF Analysis.
USDCHF’s upward movement from 0.9071 extends to as high as 0.9333. Further rise is still possible in a couple of days, and next target would be at 0.9450 area. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.
EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.3290. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.2900 area.
