USDJPY Analysis.
USDJPY may be forming a cycle bottom at 81.19 on 4-hour chart. Further rally to test the resistance of the downward trend line could be expected, a clear break above the trend line resistance will indicate that the downtrend from 84.17 has completed. On the other side, as long as the trend line resistance holds, the rise could be treated as consolidation of the downtrend, and one more fall towards 80.00 is still possible after consolidation.
USDCAD Analysis.
USDCAD moves sideways without trend in a range between 0.9841 and 1.0050. The sideways movement could be expected to continue in a couple of 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.
GBPUSD Analysis.
GBPUSD has formed a cycle bottom at 1.5804 on 4-hour chart. Further rise could be expected in a couple of days, and the target would be within 1.5930-1.5960 area. However, the rise is likely correction of the downtrend from 1.6062, and another fall could be expected after correction.
EURUSD Analysis.
Being contained by 1.3003 support, EURUSD rebounded from 1.3033. The rise is likely consolidation of the downtrend from 1.3385, another fall to re-test 1.3003 support could be expected after consolidation, 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 has formed a cycle bottom at 1.0243 on 4-hour chart. Further rally toward the upper line of the price channel would likely be seen, a clear break above the channel resistance will signal completion of the downtrend from 1.0855. However, as long as the channel resistance holds, the rise could be treated as consolidation of the downtrend, and one more fall towards 1.0200 is possible.
USDCHF Analysis.
USDCHF remains in uptrend from 0.9001, the fall from 0.9221 is likely correction of the uptrend. Another rise to test 0.9333 resistance would likely be seen after correction. Support levels are at 0.9135 and 0.9100.
