EURUSD Analysis.
EURUSD remains in uptrend from 1.2796, the fall from 1.3390 is treated as consolidation of the uptrend. Support is now located at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to resume, and one more rise to 1.3500 area is still possible. On the downside, a clear break below the channel support will suggest that lengthier consolidation of the uptrend is underway, then the pair will find support around 1.3200.
USDCHF Analysis.
USDCHF is testing the resistance of the upper line of the price channel on 4-hour chart, a clear break above the channel resistance will indicate that lengthier sideways consolidation of the downtrend from 0.9838 is underway, then the trading range would be between 0.9130 and 0.9350. On the downside, as long as the channel resistance holds, the rise from 0.9130 could be treated as minor consolidation of the downtrend, one more fall towards 0.9000 is still possible after consolidation.
AUDUSD Analysis.
Being contained by the resistance of the upper line of the price channel on 4-hour chart, AUDUSD pulls back from 0.9664, suggesting that the pair remains in downtrend from 1.0582, and the rise from 0.9326 could be treated as consolidation of the downtrend. Further decline would likely be seen, and next target would be at 0.9400 – 0.9450 area. Resistance is now at 0.9664, only break above this level could indicate that lengthier correction of the downtrend is underway, then further rise to test 0.9791 resistance could be seen.
GBPUSD Analysis.
GBPUSD continues its upward movement from 1.5008, and the rise extends to as high as 1.5751. Support is now at 1.5600, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.5800 area. On the downside, a breakdown below 1.5600 will indicate that consolidation of the uptrend is underway, then pullback to 1.5550 area could be seen.
USDCAD Analysis.
USDCAD is facing the resistance of the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the rise from 1.0137 could be treated as consolidation of the downtrend from 1.0420, one more fall to 1.0100 area is still possible after consolidation, only a clear break above the channel resistance could signal completion of the downtrend.
USDJPY Analysis.
No changed in our view, USDJPY remains in downtrend from 103.73, the rise from 93.79 is treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 92.50 area, only a clear break above the trend line resistance could signal completion of the downtrend.
