USDJPY Analysis.
USDJPY’s bounce from 88.14 extended further to as high as 90.82. However, another fall towards 89.63 key support is still possible later today, a breakdown below this level will indicate that the downtrend from 93.75 (Jan 7 high) has resumed, then deeper decline could be seen to 87.00-87.50 area. Resistance is now at the falling trend line from 93.75 to 92.14, only a clear break above the trend line resistance could indicate that the fall from 93.75 has completed at 88.14 already.
GBPUSD Analysis.
GBPUSD breaks above the falling price channel on 4-hour chart, suggesting lengthier consolidation of downtrend is underway. Sideways movement in a range between 1.4784 and 1.5195 is expected in a couple of days. Resistance is at 1.5195, as long as this level holds, one more fall towards 1.4500 is still possible after consolidation. However, above 1.5195 will suggest that the fall from 1.6456 (Jan 19 high) has completed at 1.4784 already, then the following uptrend could take price further to 1.5400-1.5500 area.
USDCAD Analysis.
USDCAD might be forming a cycle bottom at 1.0216 level on 4-hour chart. Bounce to 1.0350-1.0400 area would more likely be seen. Key resistance is now at 1.0320, a break above this level will confirm the cycle bottom.
EURUSD Analysis.
EURUSD continues its range trading between 1.3530 and 1.3735. As long as 1.3530 support holds, one more rise to test 1.3838 resistance is possible. However, a breakdown below 1.3530 support could trigger another fall to 1.3300 area.
USDCHF Analysis.
USDCHF stays in a trading range between 1.0648 and 1.0809. As long as 1.0809 resistance holds, one more fall to test 1.0608 support is still possible. However, above 1.0809 will indicate that the consolidation from 1.0898 has completed at 1.0648 already, then another rise to 1.1000 could be seen.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8801. Further rally is still possible later today and next target would be at 0.9250 area. However, next cycle top on 4-hour chart is nearing, a breakdown below 0.9054 level will indicate that a cycle top has been formed at 0.9192 and the rise from 0.8801 has completed at 0.9192 already, then pullback to 89.00 could be seen.
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