USDJPY Analysis.
USDJPY remains in uptrend from 88.06, the fall from 94.05 is treated as consolidation of the uptrend. Support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise to 95.00 area is still possible. On the downside, a clear break below the channel support will suggest that a cycle top has been formed at 94.05, and lengthier consolidation of the longer term uptrend from 79.07 (Nov 9, 2012 low) is underway, then deeper decline to 91.00 area could be seen.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6339. Further decline could be expected after a minor consolidation, and next target would be at 1.5550 area. Resistance is at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.
EURUSD Analysis.
EURUSD remains in uptrend from 1.2998, the price action from 1.3711 is treated as consolidation of the uptrend. Another rise could be expected after consolidation, and a break above 1.3711 resistance could trigger another rise towards 1.4000. key support is at 1.3430, only break below this level could indicate that the uptrend from 1.2998 has completed at 1.3711 already, then deeper decline to 1.3300 area could be seen.
AUDUSD Analysis.
AUDUSD’s downward movement from 1.0597 extends to as low as 1.0295. Further decline would likely be seen after a minor consolidation, and next target would be at 1.0200 area. Resistance is at 1.0385, as long as this level holds, the downtrend will continue.
USDCHF Analysis.
No changed in our view, USDCHF remains in downtrend from 0.9388, the price action from 0.9021 is treated as consolidation of the downtrend. Resistance is at 0.9150, as long as this level holds, the downtrend could be expected to resume, and another fall to 0.8950 area is still possible, only break above 0.9150 could signal completion of the downtrend.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0100, the price action in the trading range between 0.9947 and 1.0004 could be treated as consolidation of the downtrend. Further decline is still possible after consolidation, and next target would be at 0.9900 area. Resistance is at 1.0020, as long as this level holds, the downtrend will continue.
