EURUSD’s down trend extends further to as low as 1.5515 level. Consolidation in a range between 1.5515 and 1.5700 would more likely be seen in a couple of days. Down trend will resume after consolidation and deeper decline is still possible. Initial resistance is at 1.5700 and key resistance is located at 1.5768, only rise above 1.5768 level will signal further rally to retest 1.6038 previous high resistance.
Being contained by 108.58 (June 16 high) resistance, USDJPY pulled back from 108.37 level. Consolidation in a range between 106.57 and 108.37 could be seen in next several days. As long as 106.57 support holds, we’d expect up trend to resume, and further rise above 108.58 is still possible after consolidation. Only fall below 106.57 support will take price back to retest 103.76 previous low support.
USDCHF is in consolidation to up trend. Pullback to test the support of the up trend line from 1.0010 to 1.0134 is possible in a couple of days. As long as the trend line support holds, we’d expect uptrend to resume, and further rise above 1.0539 (June 13 high) could be seen. Key support is located at 1.9314, a break of this level will pull price back to retest 1.0010 previous low.
GBPUSD is in down trend. Deeper decline to test 1.9647 (July 7 low) support is still possible in a couple of days. Initial resistance is at the upper boundary of the price channel, and key resistance is located at 1.9968, only rise above this level will signal further rally to test 2.0158 previous high resistance.
USDCAD broke above 1.0272 resistance and the up trend from 0.9974 extends further to as high as 1.0296 level. Rise towards 1.0322 (June 10 high) is still possible in a couple of days. Initial support is at 1.0213, break below this level will signal consolidation to uptrend.
AUDUSD dropped sharply to 0.9285 level. Deeper decline to 0.9200 is still possible in a couple of days. Initial resistance is at 0.9400 and followed by 0.9475, as long as 0.9475 resistance holds, downtrend will continue.
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