EURUSD Analysis.
EURUSD drops sharply from 1.4026 and reaches the lower border of the falling price channel on 4-hour chart. Minor consolidation of downtrend could be expected later today, however, another fall towards 1.3600 is still possible after consolidation. Resistance remains a the top of the price channel, only a clear break above the channel resistance could indicate that the fall from 1.4579 has completed.
GBPUSD Analysis.
GBPUSD broke below 1.5829 previous low and reaches 1.5708 (Oct 13, 2009 low) support. Break below this level would more likely be seen later today after a minor consolidation. Resistance is at the following trend line on 4-hour chart now at 1.5985, as long as the trend line resistance holds, downward movement could be seen to 1.5500 area.
USDCAD Analysis.
USDCAD breaks above 1.0720 resistance and reaches as high as 1.0752 level. Further rally is expected in a couple of days and next target would be at 1.0800-1.0900 area. Initial support is at 1.0690 followed by 1.0670, as long as these levels hold, uptrend from 1.0545 could be expected to continue.
USDJPY Analysis.
USDJPY drops sharply from 91.27, taking price back to the falling price channel on 4-hour chart. A short term cycle top had been formed at 91.27 level. Deeper decline is now in favor and next target would be at 87.50 area.
AUDUSD Analysis.
AUDUSD breaks below 0.8734 previous low and reaches as low as 0.8607 level. Deeper decline is still in favor and next target would be at 0.8500 area. Resistance remains at the falling trend line on 4-hour chart, as long as this level holds, downtrend could be expected to continue.
USDCHF Analysis.
USDCHF’s uptrend extends to as high as 1.0675 level. Further rally is still possible later today after a minor consolidation. Support remains at the lower border of the rising price channel on 4-hour chart, as long as the channel support holds, uptrend will continue.
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