USDJPY Analysis.
USDJPY is facing the resistance of the upper line of the price channel on 4-hour chart, a clear break above the channel resistance will signal completion of the downtrend from 84.17 (Mar 15 high), then further rise to 83.00 area could be seen. On the downside, the downtrend could be expected to resume after touching the channel resistance, and as long as the channel resistance holds, one more fall to 78.00 area to complete the downward movement is still possible.
GBPUSD Analysis.
After consolidation, GBPUSD continues its downward movement from 1.6301 and reaches as low as 1.6052. Further decline could be expected and next target would be at 1.6000 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.
AUDUSD Analysis.
After consolidation, AUDUSD continues its downward movement from 1.0474 and reaches as low as 1.0006. Further decline could be expected and next target would be at 0.9900 area. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
EURUSD Analysis.
EURUSD’s downward movement extends to as low as 1.2881. Resistance remains located at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.2800 area.
USDCAD Analysis.
USDCAD has formed a cycle top at 1.0062 on 4-hour chart. Now the fall from 1.0062 is treated as consolidation of the uptrend from 0.9799. Range trading between 0.9900 and 1.0062 would likely be seen in a couple of days. Key resistance is at 1.0062, a break above this level could signal resumption of the uptrend.
USDCHF Analysis.
USDCHF continues its upward movement from 0.9043 and reaches as high as 0.9323. Further rise is still possible after a minor consolidation, and next target would be at 0.9400 area. Support remains at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.
