GBPUSD Analysis.
GBPUSD consolidated in a range between 1.5962 and 1.6343 for several weeks. As long as 1.5962 key support holds, we’d expect uptrend to resume, and another rise towards 1.7000 is still possible. However, a breakdown below 1.5962 will indicate that the uptrend from 1.5344 (Dec 28, 2010 low) had completed at 1.6343 already, then the following downward move could bring price back to 1.5700 zone.
USDCHF Analysis.
USDCHF broke below 0.9201 support, and the fall from 0.9774 had resumed. Deeper decline is expected in a couple of days, and next target would be at 0.9100 area. Resistance levels are at 0.9190 and 0.9220.
EURUSD Analysis.
EURUSD is facing 1.4035 resistance, a break above this level will indicate that the uptrend from 1.3428 has resumed, then next target would be at 1.4200 area. Support is at 1.3855, only break below this level will suggest that lengthier consolidation of uptrend is underway, then pullback to 1.3700 could be seen.
AUDUSD Analysis.
An unexpected fall had brought price to as low as 0.9815, the subsequent bounce suggests that a cycle bottom is being formed on 4-hour chart. Further rally is expected later today, and next target would be at 1.0000 area.
USDJPY Analysis.
USDJPY broke below 81.13 key support, suggesting that the longer term downtrend from 94.98 (May 5, 2010 high) has resumed. Deeper decline towards 80.30 (Nov 1, 2010 low) could be seen later today. Resistance is at 81.35, as long as this level holds, short term downtrend from 83.29 will continue.
USDCAD Analysis.
USDCAD bounced strongly to as high as 0.9973, the subsequent fall from 0.9973 could possibly be resumption of downtrend from 1.0851 (May 25, 2010 high). Deeper decline towards 0.9667 previous low would more likely be seen in a couple of days.
