EURUSD Analysis.
EURUSD remains in short term uptrend from 1.3055, the fall from 1.3423 is likely consolidation of uptrend. Another rise to test 1.3497 resistance is still possible, a break above this level will indicate that the longer term downtrend from 1.4281 (Nov 4, 2010 high) had completed at 1.2969 already, then further rally could be seen to 1.3700 area. Initial support is at 1.3250, below this level will indicate that a cycle top had been formed at 1.3423 on 4-hour chart, then the following downward move could bring price to 1.3000 area.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9830. As long as 1.0118 support holds, another rise to 1.0300 area is still possible. However, a breakdown below 1.0118 support will suggest that a cycle top is being formed at 1.0255 level on 4-hour chart, then consolidation in a range between 1.0050 and 1.0255 could be seen.
USDCHF Analysis.
USDCHF stays in a falling price channel on 4-hour chart and remains in downtrend from 1.0066. Downtrend is expected to continue in a couple of days and next target would be at 0.9200 area. Initial resistance is at 0.9400, only break above this level could indicate that consolidation of downtrend is underway.
USDJPY Analysis.
USDJPY breaks above 81.85 resistance, suggesting that a cycle bottom has been formed at 80.93 level on 4-hour chart. Further rally is now in favor and the first target would be at 82.50 area. Support is at 80.93, only break below this level could trigger another fall to test 80.30 previous low support.
GBPUSD Analysis.
GBPUSD is in consolidation of downtrend from 1.5910. range trading between 1.5344 and 1.5664 is possible to continue in a couple of days. As long as 1.5664 key resistance holds, downtrend is expected to resume and one more fall to test 1.5296 (Sep 7 low) support is still possible, a break below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete.
USDCAD Analysis.
USDCAD stays below a falling trend line on 4-hour chart and remains in downtrend from 1.0207. As long as the trend line resistance holds, downtrend could be expected to continue and next target would be at 0.9850-0.9900 area.
