Wednesday FOREX Short-Term Market Analysis

USDJPY Analysis.

After touching the lower line of the price channel on 4-hour chart, USDJPY rebounds from 86.82, suggesting that a cycle bottom is being formed. Further rise could be expected, and next target would be at 88.00 area. Support is now at 86.82, only break below this level could indicate that lengthier consolidation of the uptrend from 77.14 (Sep 13, 2012 low) is underway, then deeper decline to 86.00 area could be seen.

AUDUSD Analysis.

AUDUSD is facing 1.0527 resistance, a break above this level will indicate that the uptrend from 1.0149 (Oct 8, 2012 low) has resumed, then further rise towards 1.0700 could be seen. On the downside, a breakdown below 1.0390 support will suggest that the pair remains in downtrend from 1.0585, then the following downward movement could bring price to 1.0200 zone.

EURUSD Analysis.

EURUSD has formed a cycle bottom at 1.2998 on 4-hour chart. Further rise would likely be seen, and next target would be at 1.3200 area. Support is at 1.2998, only break below this level could trigger another fall towards 1.2700.

USDCAD Analysis.

USDCAD is facing 0.9836 support, a breakdown below this level will signal resumption of the downtrend from 0.9970, then next target would be at 0.9700 area. Resistance is at 0.9925, only break above this level could bring price back to 1.0000 area.

GBPUSD Analysis.

GBPUSD remains in downtrend from 1.6339, the price action from 1.6010 is treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.5950 area. Resistance is at 1.6150, only break above this level could bring price back towards 1.6500.

USDCHF Analysis.

USDCHF has formed a cycle top at 0.9302 on 4-hour chart. Further decline would likely be seen and next target would be at 0.9150 area. Resistance is at 0.9302, only break above this level could trigger another rise towards 0.9400.

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