USDCAD Analysis.
USDCAD stays below the falling trend line on 4-hour chart and remains in short term downtrend from 1.2483. Deeper decline is still possible to test the previous low support at 1.1761 (Jan 6 low). Initial resistance is at the falling trend line and key resistance is now at 1.2185, as long as this level holds, downtrend will continue.
GBPUSD Analysis.
GBPUSD breaks above 1.4985 (Feb 9 high) resistance. Further rally could be seen to 1.5200 in a couple of days. Initial support is at the rising trend line on 4-hour chart and key support is at located at 1.4821, as long as this level holds, we’d expect the short term uptrend from 1.4585 to continue.
USDJPY Analysis.
USDJPY rebounds sharply from 98.13 level, suggesting that the fall from 101.43 may have completed at 98.13 already. Range trading between 98.13 and 101.43 is now in favor, and further rise to retest 100.85 key resistance is possible in a couple of days.
EURUSD Analysis.
No changed in our view, EURUSD has formed a short term cycle bottom at 1.3089 level on 4-hour chart, and the rise from 1.3089 is possibly resumption of the medium term uptrend from 1.2456 (Mar 4 low). Initial resistance is at 1.3392, a break above this level will signal further rally to test 1.3581 resistance. Near term support is at 1.3089, below this level will indicate that lengthier correction of the medium term uptrend from 1.2456 is underway, and then deeper decline could be seen to 1.2900-1.3000 area.
AUDUSD Analysis.
AUDUSD rebounds from 0.7146 and is testing the resistance of 0.7322, a break above this level will signal further rally to 0.7450 zone. Initial support is now at 0.7146, only fall below this level will take price back to 0.7050-0.7100 area.
USDCHF Analysis.
USDCHF’s rebound from 1.1303 extends further to 1.1486 level. Range trading between 1.1303 and 1.1622 is expected in next several days. Near term support is at 1.1303 level, only fall below this level will signal deeper decline towards 1.1200 zone.
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