GBPUSD Analysis.
GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.6259. As long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.5800 is still possible. However, as long as 1.5800 key support holds, the fall from 1.6259 would possibly be consolidation of the longer term uptrend from 1.4813 (Jul 9 low), and one more rise towards 1.6500 could be expected after the consolidation. Now the pair is facing the trend line resistance, a clear break above the trend line could signal completion of the downward movement from 1.6259, then further rise to test 1.6259 resistance could be seen.
AUDUSD Analysis.
AUDUSD breaks above 0.9526 resistance, suggesting that the uptrend from 0.8847 (Aug 5 low) has resumed. Further rise could be expected, and next target would be at 0.9650 area. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.
EURUSD Analysis.
EURUSD stays in a trading range between 1.3462 and 1.3646. The price action in the range is likely consolidation of the uptrend from 1.2756 (Jul 9 low). Another fall could be expected and the target would be at 1.3300 – 1.3400 area. On the upside, a break above 1.3646 resistance will indicate that the uptrend has resumed, then the following upward movement could bring price to 1.4000 zone.
USDCHF Analysis.
No changed in our view, USDCHF remains in uptrend from 0.8967. Further rise would likely be seen after a minor consolidation and the target would be at 0.9250 area. Support levels are at 0.9040 and 0.8967, only break below these levels could trigger another fall towards 0.8500.
USDCAD Analysis.
USDCAD’s downward movement from 1.0419 extends to as low as 1.0335. Key support is at 1.0300, as long as this level holds, the fall could be treated as consolidation of the uptrend from 1.0182, and one more rise towards 1.0500 is still possible. However, a breakdown below 1.0300 support will indicate that the uptrend from 1.0182 had completed at 1.0419 already, then the following downward movement could bring price to 1.0000 zone.
USDJPY Analysis.
USDJPY continues its upward movement from 96.57, and the rise extend to as high as 98.70. Support is at 97.90, as long as this level holds, the uptrend could be expected to continue, and next target would be at 99.00 area. However, a breakdown below 97.90 support will indicate that correction of the uptrend is underway, then pullback to 97.30 area could be seen.
