GBPUSD Analysis.
Being contained by 1.5962 support, GBPUSD rebounded from 1.5977, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise would likely be seen later today, and next target would be at 1.6150 area. Key support is at 1.5962, a breakdown below this level will indicate that the longer term uptrend from 1.5344 (Dec 28, 2010 low) had completed at 1.6343 already, then the following downward movement could bring price to 1.5400 zone.
USDCHF Analysis.
No changed in our view, USDCHF might be forming a cycle top at 0.9368 level on 4-hour chart. Deeper decline towards 0.9201 key support would likely be seen later today, a break below this level will indicate that the downtrend from 0.9774 has resumed, then next target would be at 0.9100 zone. However, above 0.9368 will suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.9400-0.9450 area.
EURUSD Analysis.
Being supported by 1.3743, EURUSD rebounded strongly from 1.3752, suggesting that a cycle bottom had been formed on 4-hour chart. Now the rise from 1.3752 could possibly be resumption of uptrend from 1.2874 (Jan 10 low). Further rise towards 1.4035 previous high is expected later today. Initial support is at 1.3890, as long as this level holds, uptrend from 1.3752 will continue.
AUDUSD Analysis.
AUDUSD rebounded strongly from 0.9968, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise towards 1.0201 resistance would likely be seen after a minor consolidation, a break above this level could trigger another rise towards 1.0400 area.
USDJPY Analysis.
USDJPY failed to break below 81.13 support and rebounded strongly from 81.20, suggesting that a cycle bottom had been formed on 4-hour chart. Sideways movement in a range between 81.13 and 83.96 would likely be seen in next several days.
USDCAD Analysis.
USDCAD had formed a cycle top at 0.9801 level on 4-hour chart. Deeper decline towards 0.9667 would likely be seen later today, a breakdown below this level will indicate that the downtrend from 1.0057 has resumed, then next target would be at 0.9600 area.
