USDJPY Analysis.
USDJPY had formed a cycle bottom at 78.46 on 4-hour chart. Range trading between 78.46 and 80.00 would likely be seen in a couple of days. As long as 80.00 resistance holds, downtrend from 81.47 could be expected to resume, and one more fall to 77.50 area is still possible. However, a break above 80.00 will indicate that the longer term downtrend from 85.51 has completed, then the following upward move could bring price to 83.00 zone.
EURUSD Analysis.
EURUSD had formed a cycle top at 1.4281 on 4-hour chart. The fall from 1.4281 is treated as correction of uptrend from 1.3837. Range trading between 1.4000 and 1.4281 would likely be seen in a couple of days. Key support is at 1.3837, as long as this level holds, we’d expect uptrend to resume, and another rise to 1.4600 is possible.
GBPUSD Analysis.
GBPUSD is now in uptrend from 1.5781, the fall from 1.6193 is treated as consolidation of uptrend. Further rise is expected after a minor consolidation, and next target would be at 1.6250-1.6300 area. Support levels are at 1.5985 and 1.6035.
USDCHF Analysis.
USDCHF remains in downtrend from 0.8525, the bounce from 0.8084 is treated as consolidation of downtrend. Further fall is still possible after consolidation and next target would be at 0.8000 area. Resistance is at 0.8200, only break above this level could indicate that a cycle bottom is being formed on 4-hour chart, then lengthier consolidation in a range between 0.8084 and 0.8250 could be seen.
AUDUSD Analysis.
AUDUSD formed a cycle top at 1.0798 on 4-hour chart. Range trading between 1.0525 and 1.0798 would likely be seen in a couple of days. As long as 1.0525 support holds, uptrend could be expected to resume, and another rise towards 1.1011 previous high is possible.
USDCAD Analysis.
USDCAD’s downward move from 0.9777 extended to as low as 0.9519. Further fall to test 0.9444 previous low support could be seen. Resistance is at 0.9625, as long as this level holds, downtrend will continue.
