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.
GBPUSD Analysis.
GBPUSD breaks below the upward price channel on 4-hour chart, suggesting that the uptrend from 1.5602 has completed at 1.6062 already. Further decline could be expected after a minor consolidation, and next target would be at 1.5700 area. Resistance levels are at 1.5950 and 1.6062.
EURUSD Analysis.
EURUSD’s downward movement extends to as low as 1.3107. Further decline is still possible after a minor consolidation, and next target would be at 1.3050 area. Resistance is at 1.3200, as long as this level holds, downtrend will continue.
AUDUSD Analysis.
AUDUSD continues its downward movement from 1.0855, and the fall extends to as low as 1.0243. Further decline is still possible after a minor consolidation and the next target would be at 1.0200 area. Resistance remains at the trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.
USDCAD Analysis.
USDCAD has formed a cycle bottom at 0.9887 on 4-hour chart. Another rise to test 1.0050 key resistance would likely be seen in a couple of days, a break above this level will indicate that the downtrend from 1.0422 (Dec 14, 2011 high) had completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone. However, as long as 1.0050 level holds, lengthier sideways move in a range between 0.9841 and 1.0050 is still possible.
USDCHF Analysis.
USDCHF’s upward movement from 0.9001 has reaches as high as 0.9182. Further rise could be expected in a couple of days, and next target would be at 0.9250. Support levels are at 0.9075 and 0.9050.
