GBPUSD Analysis.
Being contained by 1.6400 previous high resistance, GBPUSD pulled back from 1.6363, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.6200 and 1.6363 would likely be seen in a couple of days. However, the fall from 1.6363 is treated as consolidation of uptrend from 1.5936, another rise towards 1.6600 is still possible after consolidation.
USDCHF Analysis.
USDCHF broke below the rising price channel on 4-hour chart, suggesting that a cycle top had been formed at 0.9339, and the upward move from 0.8922 had completed. Support is now at 0.9126, a breakdown below this level could trigger another fall towards 0.8922 previous low.
USDCAD Analysis.
USDCAD stays below a falling trend line on 4-hour chart and remains in downtrend from 0.9826. As long as the trend line resistance holds, downtrend could be expected to continue and further fall to 0.9500 is possible. Only a clear break above the trend line resistance could indicate that a cycle bottom is being formed, and the fall from 0.9826 is complete.
AUDUSD Analysis.
AUDUSD continued its upward move from 0.9704 and reached as high as 1.0480. Further rise is still possible later today and next target would be at 1.0550-1.0600 area. Support is at 1.0370 followed by 1.0288.
EURUSD Analysis.
EURUSD’s upward movement from 1.3428 (Feb 14 low) extended to as high as 1.4348. Further rise is still possible later today and next target would be at 1.4500 zone. Support is at 1.4200, only break below this level could indicate that a cycle top has formed on 4-hour chart, then consolidation of uptrend could be seen.
USDJPY Analysis.
USDJPY stays above a uptrend line on 4-hour chart, and remains in uptrend from 76.40, and the rise extended to as high as 85.51. Further rise is still possible later today, next target would be at 86.00 zone.
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