USDJPY Analysis.
USDJPY is facing the resistance of the upper border of the price channel on 4-hour chart. As long as the channel resistance holds, the rise from 80.31 could be treated as consolidation of the downtrend from 84.17, and another fall is still possible after consolidation. However, a clear break above the channel resistance will indicate that the fall from 84.17 had completed at 80.31 already, then the following upward movement could bring price to 83.00 zone.
USDCAD Analysis.
Being contained by 0.9841 previous low support, USDCAD rebounds from 0.9865, suggesting that a cycle bottom has been formed on 4-hour chart. Another rise to test 1.0051 key resistance could be expected over the next several days. As long as 1.0051 level holds, the price action in the trading range between 0.9841 and 1.0051 is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and one more fall to 0.9600-0.9700 area is still possible, only break above 1.0051 could signal completion of the downtrend.
EURUSD Analysis.
EURUSD continues its sideways movement in a range between 1.2995 and 1.3212. As long as 1.3212 resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.3385, and another fall towards 1.2500 could likely be seen.
AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0855, the price action from 1.0225 is treated as consolidation of the downtrend. Range trading 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 will signal resumption of the downtrend.
GBPUSD Analysis.
GBPUSD breaks above 1.6062 resistance and reaches as high as 1.6076, suggesting that the uptrend from 1.5602 has resumed. Further rise would likely be seen in a couple of days, and next target would be at 1.6100-1.6150 area. Support levels are at 1.6000 and 1.5950.
USDCHF Analysis.
USDCHF continues its sideways movement in a range between 0.9091 and 0.9250. As long as 0.9091 support holds, we’d expect uptrend to resume, and one more rise towards 0.9333 would likely be seen after consolidation.
