EURUSD Analysis.
EURUSD may be forming a cycle top at 1.2466 level on 4-hour chart. Deeper decline to test 1.2241 key support could be seen later today, a breakdown below this level will confirm the cycle top and indicate that the rise from 1.1876 has completed, then the following downward movement could bring price to 1.2050-1.2100 area. However, as long as 1.2241 key support holds, one more rise towards 1.2550 area is still possible.
GBPUSD Analysis.
GBPUSD is facing the lower border of the rising price channel on 4-hour chart, a clear break below the channel support will indicate that a cycle top has been formed at 1.4935 level and the rise from 1.4346 has completed, then deeper decline could be seen to 1.4450 area. However, as long as the channel support holds, one more rise towards 1.5000 is still possible.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8080 and the fall from 0.8858 is treated as consolidation of uptrend. Another rise to 0.8900 area is still possible after consolidation. Initial support is at the lower boundary of the price channel (now at 0.8693) followed by 0.8645.
USDJPY Analysis.
USDJPY broke above the falling price channel, suggesting that the fall from 92.10 has completed at 90.29 already. Another rise towards 92.88 previous high would more likely be seen, however, a break above 91.47 is needed to confirm such case.
USDCHF Analysis.
USDCHF may be forming a cycle bottom at 1.1008 level on 4-hour chart. Range trading between 1.1008 and 1.1250 would more likely be seen in a couple of days. As long as 1.1250 resistance holds, one more fall to 1.0900 is still possible, however, a break above 1.1250 level will indicate that the fall from 1.1730 is complete.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0678 and the bounce from 1.0138 is treated as consolidation of downtrend. Resistance is now at the falling price channel on 4-hour chart, now at 1.0295, as long as the channel resistance holds, another fall towards 1.0100 is still possible, however, a clear break above the channel resistance will indicate that the fall from 1.0678 has completed at 1.0138 already.
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