USDCAD Analysis.
No changed in our view, USDCAD is forming a sideways consolidation in a range between 0.9841 and 1.0050. As long as 1.0050 key resistance holds, one more fall to 0.9600-0.9700 area to complete the downward movement from 1.0422 (Dec 14, 2011 high) is still possible, only break above 1.0050 could signal completion of the downtrend.
EURUSD Analysis.
EURUSD remains in downtrend from 1.3385, the price action from 1.3033 could be treated as consolidation of the downtrend. As long as 1.3212 resistance holds, we’d expect downtrend to resume, and another fall towards 1.2500 is still possible.
AUDUSD Analysis.
AUDUSD has formed a cycle top at 1.0451 on 4-hour chart. Sideways consolidation in a range between 1.0225 and 1.0463 would likely be seen over the next several days. Key support is at 1.0225, a breakdown below this level could signal resumption of the downtrend.
USDJPY Analysis.
USDJPY continues its downward movement from 84.17, and reaches as low as 80.31. Further decline is still possible in a couple of days, and next target would be at 80.00 area. Resistance is at 81.19, only break above this level could signal completion of the downtrend.
GBPUSD Analysis.
GBPUSD failed to break below 1.5804 support, suggesting that lengthier consolidation in the range between 1.5804 and 1.5984 is underway. Another fall towards 1.5602 would likely be seen after consolidation, and a breakdown below 1.5804 could signal resumption of the downtrend from 1.6062.
USDCHF Analysis.
USDCHF remains in uptrend from 0.9001, the price action from 0.9221 is treated as consolidation of the uptrend. Another rise towards 0.9333 could be seen after consolidation. Support is at 0.9091, as long as this level holds, uptrend will continue.
