EURUSD Analysis.
Being contained by 1.2624 (Jan 13 low) support, EURUSD rebounds from 1.2642 and breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 1.2642. Range trading between 1.2642 and 1.2900 would likely be seen in a couple of days. Another fall to re-test 1.2624 previous low support could be expected, a breakdown below this level will signal resumption of the long term downtrend from 1.4938 (May 4, 2011 high).
USDJPY Analysis.
After consolidation, USDJPY continues its downward movement from 84.17 (Mar 15 high), and the fall extends to as low as 79.00. Further decline would likely be seen later today, and next target would be at 78.50 area. Resistance is at 79.70, only break above this level could indicate that lengthier consolidation of the downtrend is underway.
GBPUSD Analysis.
GBPUSD may be forming a cycle bottom at 1.5732 on 4-hour chart. Range trading between 1.5732 and 1.5950 would likely be seen over the next several days. Support is at 1.5732, only break below this level could trigger another fall towards 1.5500.
AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0474. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9700 area, only a clear break above the trend line could signal completion of the downtrend.
USDCAD Analysis.
USDCAD remains in uptrend from 0.9799, and the rise extends to as high as 1.0229. Further rise could be expected after consolidation, and next target would be at 1.0300 area. Key support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.
USDCHF Analysis.
USDCHF breaks below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 0.9500 on 4-hour chart. Range trading between 0.9300 and 0.9500 would likely be seen over the next several days.
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