USDCAD Analysis.
USDCAD is testing 1.0933 resistance, a break above this level will indicate that the downtrend from 1.1723 has completed at 1.0632 level already. As long as 1.0933 resistance holds, the rise from 1.0632 is treated as consolidation of downtrend and deeper decline to 1.0500 is still possible after consolidation. Key support is now located at 1.0795, below this level will suggest that a short term cycle top has been formed and downtrend has resumed.
EURUSD Analysis.
EURUSD’s short term downtrend extends further to as low as 1.4104 level. Deeper decline is still in favor and next target would be at 1.4050 zone. Initial resistance is at 1.4175, and key resistance is now located at 1.4218, as long as these levels hold, we would expect downtrend to continue. However, a break above above 1.4218 level will indicate that a short term cycle bottom has been formed on 4-hour chart.
USDJPY Analysis.
USDJPY remains in uptrend from 91.73, and the fall from 97.78 is more likely consolidation of uptrend. Further rise to 98.50 zone is still possible in a couple of days. Near term support is at 96.20, as long as this level holds, uptrend will continue.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.7703 and the price action from 0.8469 is more likely consolidation of uptrend. One more rise to 0.8600 is still possible after consolidation. Near term support is at the bottom of the price channel, only clear break below the channel support will indicate that the uptrend has completed.
GBPUSD Analysis.
GBPUSD drops sharply to as low as 1.6430 level. Deeper decline is still in favor later today and next target is to test 1.6339 support. Near term resistance is at 1.6600, as long as this level holds, downtrend from 1.7042 will continue.
USDCHF Analysis.
USDCHF’s uptrend from 1.0562 extends to as high as 1.0883. Further rise to test 1.0933 resistance is still possible later today. Near term support is now at 1.0797, as long as this level holds, uptrend will continue.
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