GBPUSD Analysis.
GBPUSD is facing the support of the lower line of the upward price channel on 4-hour chart. As long as the channel support holds, the fall from 1.6062 could be treated as consolidation of the uptrend from 1.5602, and another rise towards 1.6200 is still possible. However, a clear break below the channel support will indicate that the rise from 1.5602 has completed at 1.6062 already, then the following downward movement could bring price back to 1.5000 zone.
EURUSD Analysis.
EURUSD breaks below 1.3252 key support, suggesting that the upward movement from 1.3003 had completed at 1.3385 already. Further decline would likely be seen after a minor consolidation, and next target would be at 1.3100 area.
AUDUSD Analysis.
AUDUSD failed to break above the downward trend line on 4-hour chart, and dropped from 1.0463, suggesting that a cycle top had been formed. Further decline would likely be seen later today, and next target would be at 1.0200 area. Resistance remains at the trend line, only a clear break above the trend line could signal completion of the downtrend from 1.0855.
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 stays below a downward trend line on 4-hour chart, and remains in downtrend from 84.17, the rise from 81.55 is treated as consolidation of the downtrend. As long as the trend line resistance holds, downtrend could be expected to resume, and another fall to 81.00 is still possible. On the upside, a clear break above the trend line will signal completion of the downtrend, then further rise to test 84.17 previous high resistance could be seen.
USDCHF Analysis.
USDCHF breaks above the upper border of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9001, and the downward movement from 0.9333 has completed. Further rally could be expected after a minor consolidation, and next target would be at 0.9200 area. Support is at 0.9001, only break below this level could signal resumption of the downtrend.
