USDCAD Analysis.
USDCAD has reached 1.0556 support, a breakdown below this level will indicate that the uptrend from 1.0224 has completed at 1.0720 already, then the following downtrend could take price back to 1.0450 area. However, as long as 1.0556 support holds, the price action from 1.0691 is treated as consolidation of uptrend, and one more rise towards 1.0800 is still possible after consolidation.
USDJPY Analysis.
USDJPY formed a short term cycle bottom at 89.13 level. Bounce to 91.50-92.00 area is expected in a couple of days. Support is at 89.95, only fall below this level could suggest another fall towards 88.50 area.
EURUSD Analysis.
No changed in our view, EURUSD remains in downtrend from 1.4579 and the bounce from 1.3852 is more likely consolidation of downtrend. Resistance is now located at the upper border of the falling price channel on 4-hour chart. As long as the channel resistance holds, we’d expect downtrend to resume and one more fall towards 1.3600 is still possible.
AUDUSD Analysis.
AUDUSD’s downtrend extended further to as low as 0.8780 level. One more fall to test 0.8734 previous low support is still possible later today. Resistance remains at the falling trend line on 4-hour chart now at 0.8930, as long as this level holds, downtrend could be expected to continue.
USDCHF Analysis.
USDCHF is in uptrend from 1.0132 and the fall from 1.0640 is treated as consolidation of uptrend. Support is now located at the lower border of the rising price channel on 4-hour chart. As long as the channel support holds, we’d expect uptrend to resume and one more rise towards 1.0800 is still possible after consolidation.
GBPUSD Analysis.
GBPUSD had reached the previous low support at 1.5829. Lengthier consolidation above this level could be seen later today. One more fall to test 1.5829 is still possible after consolidation and a break below this level will trigger a sharp drop to 1.5500 area.
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