EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart, and remains in short term downtrend from 1.3646. Another fall to test 1.3462 support would likely be seen, a breakdown below this level will confirm that consolidation of the uptrend from 1.2756 (Jul 9 low) is underway, then further decline to 1.3300 – 1.3400 area to complete the consolidation could be seen. Resistance is at the trend line, only a clear break above the trend line resistance could signal completion of the downtrend.
AUDUSD Analysis.
AUDUSD’s upward movement from 0.9280 extends to as high as 0.9567. Initial support is at 0.9495, as long as this level holds, the uptrend could expected to continue, and next target would be at 0.9650 area. Key support is located at the upward trend line, only a clear break below the trend line support could signal completion of the uptrend.
GBPUSD Analysis.
GBPUSD continues its downward movement from 1.6259, and the fall extends to as low as 1.5894. Resistance is at 1.6060, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.5800 area. On the upside, a break above 1.6060 resistance will indicate that the downward movement from 1.6259 has completed, then another rise towards 1.6500 could be seen.
USDCHF Analysis.
No changed in our view, USDCHF stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.8967, the fall from 0.9177 could be treated as consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to continue, and the target would be at 0.9250 area. On the downside, a clear break below the trend line support will signal completion of the uptrend, then the following downward movement could bring price back to 0.8500 zone.
USDCAD Analysis.
USDCAD is facing 1.0300 support, as long as this level holds, the fall from 1.0419 could be treated as consolidation of the uptrend from 1.0182, one more rise to 1.0500 area is still possible. On the downside, 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’s upward movement from 96.57 extends to as high as 99.00. Support is at 98.00, as long as this level holds, the uptrend could be expected to continue, and next target would be at 100.00 area. On the downside, a breakdown below 98.00 support will indicate that correction of the uptrend is underway, then pullback to 97.30 area could be seen.
