EURUSD Analysis.
Being contained by 1.3267 previous low support, EURUSD rebounds from 1.3282, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise to 1.3450 area would more likely be seen in a couple of days. Key support is at 1.3267, below this level will indicate that the longer term downtrend from 1.5144 (Nov 25, 2009 high) has resumed, then another fall towards 1.3100 could be seen.
USDJPY Analysis.
USDJPY’s fall from 94.68 extended to as low as 92.83. The subsequent bounce suggests that a cycle bottom is being formed on 4-hour chart. Further rise towards 94.68 would more likely be seen in a couple of days. A break above this level will indicate that the uptrend from 88.14 has resumed, then another rise towards 100.00 area could be seen.
USDCHF Analysis.
USDCHF stays in a rising price channel and remains in uptrend from 1.0434. As long as the channel support holds, one more rise towards 1.0850 is still possible. However, a clear break below the channel support will indicate that the rise from 1.0434 has completed at 1.0785 already, then the following downtrend could take price back to 1.0550-1.0600 area.
AUDUSD Analysis.
AUDUSD stays above a rising trend line from 0.9001 to 0.9164 and remains in uptrend. Another rise towards 0.9404 (Nov 16, 2009 high) is expected later today. Initial support is at the trend line and key support is at 0.9164, only fall below this level could take price back to test 0.9000 support.
GBPUSD Analysis.
GBPUSD traded in a narrow range between 1.5128 and 1.5318. Below 1.5128 will indicate that a cycle top has been formed at 1.5318 on 4-hour chart, then deeper decline could be seen to 1.4900 area. However, above 1.5382 key resistance will indicate that the longer term downtrend from 1.6875 (Nov 16, 2009 high) has completed at 1.4784 already.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0302 and the price action from 0.9977 is treated as consolidation of downtrend. Another fall towards 0.9900 is still possible after consolidation and a breakdown below 0.9977 will signal resumption of downtrend.
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