EURUSD Analysis.
EURUSD moves sideways in a range between 1.3252 and 1.3385. As long as 1.3252 key support holds, the price action in the range is treated as consolidation of the uptrend from 1.3003, and another rise to test 1.3486 previous high resistance is still possible. On the downside, a breakdown below 1.3252 will indicate that the rise from 1.3003 has completed, then the following downward move could bring price back to 1.2800 zone.
AUDUSD Analysis.
AUDUSD is facing the resistance of the downward trend line on 4-hour chart, a clear break above the trend line will suggest that lengthier consolidation of the downtrend from 1.0855 is underway, then range trading between 1.0304 and 1.0556 could be seen. On the downside, as long as the trend line resistance holds, downtrend could be expected to resume, and one more fall to 1.0200 is still possible. Support is at 1.0365, a breakdown below this level could signal resumption of the downtrend.
GBPUSD Analysis.
GBPUSD has reached the upper line of the price channel on 4-hour chart, minor consolidation could be expected to follow. Initial support is at 1.5990, a breakdown below this level could trigger another fall towards the bottom of the channel.
USDCAD Analysis.
No changed in our view, USDCAD is in consolidation of the downtrend from 1.0422 (Dec 14, 2011 high). Lengthier sideways movement in the range between 0.9841 and 1.0050 could be expected over the next several days.
USDJPY Analysis.
USDJPY failed to break above 83.38 resistance and pulled back from 83.29. Further decline could be seen in a couple of days, and next target would be at 81.00 area. Resistance is now at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend from 84.17.
USDCHF Analysis.
USDCHF stays in a downward price channel on 4-hour chart, and remains in downtrend from 0.9333. As long as the channel resistance holds, downtrend could be expected to continue, and next target would be at 0.8970 area, only a clear break above the channel resistance could signal completion of the downtrend.
