GBPUSD Analysis.
GBPUSD is facing the support of the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.5717 could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), one more rise towards 1.6000 is still possible after consolidation. Initial resistance is at 1.5560, a break above this level will signal completion of the downward movement from 1.5717, then further rise to test 1.5717 resistance could be seen. On the downside, as long as 1.5560 resistance holds, another fall to test the support of the channel is possible, a clear break below the channel support will suggest that the uptrend from 1.4813 had completed at 1.5717 already, then the following downward movement could bring price to 1.5000 zone.
EURUSD Analysis.
EURUSD broke below 1.3206 support last Friday, suggesting that the uptrend from 1.2756 (Jul 9 low) had completed at 1.3451 already. Further decline would likely be seen after a minor consolidation, and next target would be at 1.3100 area. Resistance is at 1.3300, only break above this level could trigger another rise towards 1.3500.
USDCHF Analysis.
USDCHF’s upward movement from 0.9147 extends to as high as 0.9335. Further rise to test 0.9396 key resistance is possible, a break above this level will signal completion of the downtrend from 0.9751 (Jul 9 high), then further rise to 0.9500 could be seen. On the downside, as long as 0.9396 resistance holds, the downtrend from 0.9751 could be expected to resume, and one more fall towards 0.9000 is still possible.
USDJPY Analysis.
USDJPY’s upward movement from 96.82 extends to as high as 98.61. Further rise to test 99.14 resistance would likely be seen, a break above this level will signal resumption of the uptrend from 95.81, then next target would be at 100.00 area. Support is now at 96.82, only break below this level could trigger another fall towards 95.00.
AUDUSD Analysis.
AUDUSD is testing 0.8847 support, a breakdown below this level will indicate that the downtrend from 1.0582 (Apr 11 high) has resumed, then further decline to 0.8500 area could be seen. However, as long as 0.8847 support holds, the range trading between 0.8847 and 0.9317 could be expected to continue, and one more rise to 0.9200 area is possible.
USDCAD Analysis.
USDCAD stays in a trading range between 1.0471 and 1.0568. Key support is at 1.0450, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 1.0275, one more rise to 1.0700 area is still possible, only break below 1.0450 could signal completion of the uptrend.
