GBPUSD Analysis.
GBPUSD failed to break above 1.6298 (Nov 4, 2010 high) resistance and pulled back from 1.6277 last week, suggesting that a cycle top had been formed on 4-hour chart. However, the fall from 1.6277 is likely consolidation of uptrend from 1.5344 (Dec 28, 2010 low), uptrend could be expected to resume after touching the rising trend line. Only a clear break below the trend line support will indicate that the rise from 1.5344 had completed at 1.6277 already, then deeper decline could be seen to 1.5600 area.
USDJPY Analysis.
Being contained by 80.93 support, USDJPY rebounded strongly from 81.13, suggesting that a cycle bottom had been formed on 4-hour chart. Further rise towards 83.200 is expected in a couple of days, a break above this level will target 84.00 area.
AUDUSD Analysis.
AUDUSD may be forming a cycle top at 1.0199 level on 4-hour chart, range trading between 1.0055 and 1.0199 would likely be seen in a couple of days. As long as 1.0055 support holds, the fall from 1.0199 is treated as consolidation of uptrend and one more rise to test 1.0255 resistance is still possible.
USDCHF Analysis.
USDCHF broke above 0.9481 resistance, suggesting that a cycle bottom had be formed at 0.9328 level on 4-hour chart. Further rise is still possible in a couple of days and next target would be at 0.9700 area. Support is at 0.9450, as long as this level holds, uptrend from 0.9328 will continue.
USDCAD Analysis.
USDCAD broke below 0.9836 previous low, suggesting that the long term downtrend had resumed. Deeper decline is expected after a minor consolidation and next target would be at 0.9750-0.9800 area. Resistance is at 0.9928, as long as this level holds, downtrend from 1.0057 will continue.
EURUSD Analysis.
EURUSD broke below the lower border of the rising price channel on 4-hour chart, suggesting that a cycle top had been formed at 1.3861 level, and the uptrend from 1.2874 had completed. The pair is now in downtrend from 1.3861, deeper decline could be seen after a minor consolidation and next target would be at 1.3400 area.
