USDCAD Analysis.
USDCAD trades in a narrow range between 1.0498 and 1.0581. The price action in the range is more likely consolidation of uptrend from 1.0276. One more rise towards 1.0676 key resistance is still possible later today, and pullback would more likely be seen before breaking above this level. Key support is now at 1.0498, a breakdown below this level will indicate that a cycle top has been formed on 4-hour chart and the rise from 1.0276 is complete, then another fall towards 1.0000 could be seen.
USDJPY Analysis.
After breaking below 86.96 previous low support, USDJPY bounced from 86.26, suggesting that a cycle bottom is being formed on 4-hour chart. Range trading between 86.26 and 87.50 would more likely be seen in a couple of days. However, the bounce from 86.26 is treated as consolidation of downtrend from 89.15, another fall towards 84.82 (2009 low) is still possible after consolidation.
GBPUSD Analysis.
GBPUSD’s fall from 1.5471 extends to as low as 1.5203 level. Deeper decline is still possible later today and target would be at 1.5050 area. Key support is at 1.4948, as long as this level holds, the price action from 1.5471 is treated as correction of uptrend from 1.4230 (May 20 low), another rise towards 1.5522 (Apr 15 high) is still possible after correction.
EURUSD Analysis.
EURUSD might be forming a cycle top at 1.3006 level on 4-hour chart, key support is at 1.2871, a breakdown below this level will confirm the cycle top, then deeper decline to the lower border of the price channel could be seen. As long as the channel support (now at 1.2710) holds, the price action from 1.3006 is treated as consolidation of uptrend from 1.2150, and another rise to 1.3500 is still possible.
USDCHF Analysis.
USDCHF broke above the falling price channel on 4-hour chart, suggesting that a cycle bottom is being formed at 1.0399 level on 4-hour chart. Further rise towards 1.0675 would more likely be seen in a couple of days.
AUDUSD Analysis.
AUDUSD has formed a cycle top at 0.8870 level on 4-hour chart and the rise from 0.8315 has completed at 0.8870 already. Deeper decline is expected in a couple of days and target would be at 0.8400.
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