USDCAD Analysis.
USDCAD stays in a trading range between 0.9841 and 1.0050. Lengthier sideways movement in the range would likely be seen over the next several days. As long as 1.0050 resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and another fall to 0.9700 is still possible, only break above 1.0050 could signal completion of the downtrend.
USDJPY Analysis.
USDJPY remains in downtrend from 84.17 and the fall extends to as low as 81.19. Further decline would likely be seen in a couple of days, and next target would be at the lower line of the price channel on 4-hour chart. Resistance is at the upper line of the channel, only a clear break above the channel could signal completion of the uptrend.
GBPUSD Analysis.
GBPUSD broke below the upward price channel on 4-hour chart, and is now in downtrend from 1.6062, the rise from 1.5804 is treated as consolidation of the downtrend. Further decline would likely be seen after consolidation, and next target would be at 1.5700 area. Resistance levels are at 1.5910 and 1.5980.
EURUSD Analysis.
EURUSD continues its downward movement from 1.3385, and the fall extends to as low as 1.3033. Further decline to test 1.3003 support could be seen later today, a breakdown below this level will signal resumption of the downtrend from 1.3486, then deeper decline towards 1.2624 (Jan 13 low) could be seen.
AUDUSD Analysis.
AUDUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.0855, the rise from 1.0243 is treated as consolidation of the downtrend. As long as the channel resistance holds, downtrend could be expected to continue, and next target would be at 1.0200 area.
USDCHF Analysis.
USDCHF remains in uptrend from 0.9001. Another rise to test 0.9333 resistance would likely be seen. Support is at 0.9160, only break below this level could signal correction of the upward movement.
