Short Term Analysis

EURUSD

Previous high resistance at 1.3187 is broken above, EURUSD bottomed at 1.3079 on 4 hours chart, and the up trend from 1.2865 (the day low of Jan 12) resumes. Further rise towards 1.3250 level can be seen later today. Near term support is at the up trend line from 1.2939 to 1.3079, and followed by 1.3079 level.

USDJPY

USDJPY is topping at 121.61 on 4 hours chart, a sideways consolidation is needed before breaking above 122.05 level. Near term support is at the up trend line from 118.96 to 119.67, now at 120.41, break below the up trend line support will confirm the cycle top.

AUDUSD

Previous high resistance at 0.7919 is broken above, EURUSD is in up trend. Further rise above 0.7936 (the day high of Jan 23) to reach the next cycle top on 4 hours chart is still possible later today. Near term support is at the bottom of the price channel, and followed by 0.7873, only break below 0.7873 level may signal the reversal to the up trend.

USDCAD

No changed in our view, USDCAD is in down trend, further fall towards 1.1450 level can be expected in next several days. Near term resistance is at the down trend line and followed by 1.1714, as long as the trend line resistance holds, down trend will continue.

USDCHF

Key support at 1.2309 is broken below, USDCHF topped at 1.2436 on 4 hours chart. More sharply fall towards 1.2100 can be expected in the next several days. Near term resistance is at 1.2436, only break above this level may signal the reversal to the down trend.

GBPUSD

GBPUSD is in correction to the down trend, further rise above 1.9678 to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at 1.9460, a break below this level may signal the resumption of the down trend.