USDJPY Analysis.
USDJPY remains in downtrend from 83.20, and the bounce from 81.31 is treated as consolidation of downtrend. Resistance is at 81.85, as long as this level holds, downtrend could be expected to continue and next target would be at 81.00 area. However, above 81.85 will indicate that a cycle bottom has been formed at 81.31 level on 4-hour chart, then further rally could be seen to 82.50 area.
GBPUSD Analysis.
GBPUSD continued its upward movement from 1.5751 and the rise extended further to as high as 1.6229 level. Support is now at 1.6135, as long as this level holds, uptrend could be expected to continue and next target is to test 1.6298 (Nov 4, 2010 high) resistance. On the downside, a breakdown below 1.6135 support will indicate that a cycle top is being formed on 4-hour chart, then pullback towards the uptrend line could be seen.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9866, the pullback from 1.0148 is likely consolidation of uptrend. Support is at 1.0055 as long as this level holds, uptrend could be expected to continue and next target would be at 1.0200 area. However, a breakdown below 1.0055 will indicate that a cycle top has been formed at 1.0148 level on 4-hour chart, then deeper decline could be seen to 0.9950 area.
USDCHF Analysis.
Being supported by 0.9300 previous low, USDCHF rebounded from 0.9328, suggesting that a cycle bottom is being formed on 4-hour chart. Consolidation is needed being breaking below 0.9300, and range trading between 0.9328 and 0.9481 would likely be seen in a couple of days. However, downtrend could be expected to resume after consolidation, and another fall towards 0.9200 is still possible.
USDCAD Analysis.
USDCAD’s fall from 1.0057 extended to as low as 0.9860 level. Deeper decline to test 0.9836 previous low support is still possible later today, a breakdown below this level could bring price to 0.9700 or even lower. Resistance levels are at 0.9900 and 0.9925, only break above this level could indicate that consolidation of downtrend is underway.
EURUSD Analysis.
EURUSD stays in a rising price channel on 4-hour chart and remains in uptrend from 1.2874. support is at the lower boundary of the channel, now at 1.3680, as long as the channel support holds, uptrend will continue and next target would be at 1.4000 area. Only a clear break below the channel bottom line will suggest that the uptrend from 1.2874 is completed.
