USDJPY Analysis.
USDJPY stays below a downward trend line on 4-hour chart, and remains in downtrend from 84.17. As long as the trend line resistance holds, the price action in the range between 81.55 and 83.38 could be treated as consolidation of the downtrend, and one more fall towards 81.00 is still possible. On the other side, a clear break above the trend line will signal completion of the downtrend, then further rise could be seen to 83.80 area.
GBPUSD Analysis.
GBPUSD continues its downward movement from 1.6062, and the fall extends to as low as 1.5804. Further decline is still possible later today, and next target would be at 1.5700 area. Resistance is now at 1.5910, only break above this level could signal correction of the downward movement.
EURUSD Analysis.
EURUSD’s fall from 1.3385 has extended to as low as 1.3035. Further decline to test 1.3003 support would likely be seen later today, a breakdown below this level will confirm that the longer term downtrend from 1.3486 (Feb 24 high) has resumed. Resistance is now at 1.3130, as long as this level holds, downtrend will continue.
AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0855, the rise from 1.0243 is treated as consolidation of the downtrend. Another fall would likely be seen later today, and next target would be at 1.0200 area.
USDCAD Analysis.
USDCAD’s bounce from 0.9887 can reach 0.9998 only, the subsequent fall suggests that a cycle top has been formed on 4-hour chart. Lengthier consolidation in the range between 0.9841 and 1.0050 could be expected to continue over the next several days.
USDCHF Analysis.
USDCHF continues its upward movement from 0.9001, and the rise has reached as high as 0.9221. Further rise is still possible after a minor consolidation, and next target would be at 0.9300 area. Support is now at 0.9160, only break below this level could signal correction of the upward movement.
