USDCAD Analysis.
USDCAD continues its sideways movement in a range between 0.9841 and 1.0050. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and one more fall to 0.9600-0.9700 area is still possible. One the other side, a break above 1.0050 resistance will indicate that the fall from 1.0422 has completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.
EURUSD Analysis.
EURUSD breaks below 1.3033 support, suggesting that the downtrend from 1.3385 has resumed. Further decline would likely be seen in a couple of days and next target would be at 1.2900 area. Resistance levels are at 1.3055 and 1.3090, as long as these levels hold, the downtrend from 1.3212 will continue.
AUDUSD Analysis.
AUDUSD failed to break above 1.0463 resistance and pulled back from 1.0451, suggesting that a cycle top has been formed on 4-hour chart. Sideways consolidation in a range between 1.0225 and 1.0463 would likely be seen over the next several days.
USDJPY Analysis.
Being supported by the lower line of the price channel on 4-hour chart, USDJPY rebounded from 80.58, suggesting that a cycle bottom is being formed. Further rally would likely be seen and the target would be at the upper line of the channel. Support is at 80.58, only break below this level could signal resumption of the downtrend from 84.17.
GBPUSD Analysis.
GBPUSD has formed a cycle top at 1.5984 on 4-hour chart. The fall 1.5984 would possibly be resumption of the downtrend from 1.6062. Deeper decline to test 1.5804 support could be expected later today, a breakdown below this level could trigger another fall towards 1.5602.
USDCHF Analysis.
USDCHF breaks above 0.9221 resistance, suggesting that the uptrend from 0.9001 has resumed. Further rise could be seen in a couple of days, and next target would be at 0.9300 area. Support levels are at 0.9200 and 0.9180.
