USDJPY Analysis.
After a minor consolidation, USDJPY continues its downward movement from 84.17, and the fall extends to as low as 80.63. Now the pair has reached the lower line of the price channel on 4-hour chart, rebound would likely be seen over the next several days, and the target would be at the upper line of the channel.
USDCAD Analysis.
USDCAD is facing the key resistance of 1.0050, above this level will indicate that the downtrend from 1.0422 (Dec 14, 2011 high) has completed at 0.9841 already, then the following upward movement could bring price to 1.0400 area. On the other side, as long as 1.0050 resistance holds, lengthier consolidation in the range between 0.9841 and 1.0050 is still possible.
GBPUSD Analysis.
GBPUSD had formed a cycle bottom at 1.5804 on 4-hour chart. Range trading between 1.5804 and 1.5960 would likely be seen in a couple of days. As long as 1.5960 level holds, the rise could be treated as correction of the downtrend from 1.6062, and another fall could be expected after correction.
EURUSD Analysis.
EURUSD remains in downtrend from 1.3385, the rise from 1.3033 is treated as consolidation of the downtrend. Another fall to test 1.3003 support would likely be seen after consolidation, a breakdown below this level will signal resumption of the downtrend from 1.3486, then deeper decline towards 1.2624 (Jan 13 low) could be seen.
AUDUSD Analysis.
After consolidation, AUDUSD breaks below 1.0243 previous low and continues its downward movement from 1.0855. Further decline would likely be seen later today, and next target would be at 1.0200 area. Resistance remains at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.
USDCHF Analysis.
USDCHF remains in uptrend from 0.9001, the fall from 0.9221 is likely correction of the uptrend. Another rise to test 0.9333 resistance would likely be seen after correction. Support levels are at 0.9135 and 0.9100.
