USDJPY Analysis.
USDJPY may be forming a cycle top at 88.40 on 4-hour chart. Pullback to the lower line of the price channel would likely be seen. As long as the channel support holds, the fall is treated as consolidation of the uptrend from 82.11, and another rise towards 89.00 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 77.14 (Sep 13, 2012 low) is underway, then deeper decline to 86.00 area could be seen.
AUDUSD Analysis.
AUDUSD is facing 1.0527 resistance, a break above this level will indicate that the uptrend from 1.0149 (Oct 8, 2012 low) has resumed, then further rise towards 1.0700 could be seen. On the downside, a breakdown below 1.0390 support will suggest that the pair remains in downtrend from 1.0585, then the following downward movement could bring price to 1.0200 zone.
EURUSD Analysis.
EURUSD breaks above 1.3100 resistance and reaches as high as 1.3128, suggesting that a cycle bottom is being formed on 4-hour chart. Now the rise would possibly be resumption of the uptrend from 1.2661, further rise would likely be seen and next target would be at 1.3200 area. Support is at 1.2998, only break below this level could trigger another fall towards 1.2700.
USDCAD Analysis.
No changed in our view, USDCAD is in downtrend from 0.9970, the rise from 0.9836 is treated as correction of the downtrend. Another fall to test 0.9824 support could be expected, a breakdown below this level will signal resumption of the longer term downtrend from 1.0055, then next target would be at 0.9700 area.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6339, the rise from 1.6010 is treated as consolidation of the downtrend. Another fall would likely be seen after consolidation, and next target would be at 1.5950 area. Resistance is at 1.6150, only break above this level could bring price back towards 1.6500.
USDCHF Analysis.
USDCHF may be forming a cycle top at 0.9302 on 4-hour chart. Further decline would likely be seen in a couple of days, and next target would be at 0.9150 area. Resistance is at 0.9302, only break above this level could trigger another rise towards 0.9400.
