USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend, the fall from 1.0341 is likely consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.0400 area. On the downside, a clear break below the trend line support will suggest that lengthier consolidation of the uptrend from 0.9932 is underway, then deeper decline to 1.0225 area could be seen.
EURUSD Analysis.
EURUSD’s downward movement extended to 1.2966 last Friday. Key resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.2900 area. On the upside, a clear break above the channel resistance will indicate that a cycle bottom has been formed at 1.2966, and the fall from 1.3711 has completed, then the following upward movement could bring price to 1.4000 zone.
AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0373 and the fall extends to as low as 1.0155. Further decline is still possible and next target would be at 1.0100 area. Resistance is located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.
USDCHF Analysis.
USDCHF’s upward movement from 0.9021 extended to 0.9462 last Friday. Consolidation would likely be seen in a couple of days, and the trading range would be between 0.9350 and 0.9462. key support is at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.
USDJPY Analysis.
USDJPY stays in a trading range between 90.93 and 94.54. The price action in the range is likely consolidation of the uptrend from 77.14. Resistance is at 94.54, a break above this level will signal resumption of the uptrend, then further rise towards 100.00 could be seen. However, as long as 94.54 resistance holds, one more fall to 90.00 area to complete the consolidation is still possible.
GBPUSD Analysis.
After consolidation, GBPUSD continues its downward movement from 1.5878, and the fall extends to as low as 1.4986. Further decline could be expected, and next target would be at 1.4900 area. Resistance is at 1.5230, only break above this level could signal completion of the downtrend.
