GBPUSD Analysis.
GBPUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.6339, and the fall extends to as low as 1.5630. Further decline is still possible, and next target would be at 1.5550 area. Resistance is located at the upper line of the price channel, only a clear break above the channel resistance will indicate that the downtrend from 1.6339 has completed, then the following upward movement could bring price back to 1.6500 zone.
EURUSD Analysis.
EURUSD remains in uptrend from 1.2998, the fall from 1.3711 is likely consolidation of the uptrend. Range trading between 1.3430 and 1.3711 is possible in a couple of days. Another rise towards 1.4000 could be expected after consolidation, and a break above 1.3711 could signal resumption of the uptrend. Key support is at 1.3430, only break below this level will indicate that the uptrend from 1.2998 had completed at 1.3711 already, then deeper decline to 1.3300 area could be seen.
AUDUSD Analysis.
After consolidation, AUDUSD continues its downward movement from 1.0597, and the fall extends to as low as 1.0345. Further decline is still possible, and next target would be at 1.0300 area. Key resistance is located at 1.0480, only break above this level could signal completion of the downtrend.
USDCHF Analysis.
No changed in our view, USDCHF remains in downtrend from 0.9388, the rise from 0.9021 is treated as consolidation of the downtrend. Resistance is at 0.9150, as long as this level holds, the downtrend could be expected to resume, and another fall to 0.8950 area is still possible, only break above 0.9150 could signal completion of the downtrend.
USDJPY Analysis.
USDJPY stays above a upward trend line on 4-hour chart, and remains in uptrend from 88.06. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 95.00 area. On the other side, a clear break below the trend line support will indicate that a cycle top has been formed, and consolidation of the uptrend is underway, then pullback to 91.00 area could be seen.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0100, the price action in the trading range between 0.9947 and 1.0004 could be treated as consolidation of the downtrend. Further decline is still possible after consolidation, and next target would be at 0.9900 area. Resistance is at 1.0020, as long as this level holds, the downtrend will continue.
