USDCHF’s up trend from 1.0010 (July 15 low) extends to as high as 1.1170 level. The pullback from 1.1170 is teated as consolidation. Further rise is still possible to 1.1250-00 area. Initial support is at the up trend line and key support is at 1.0842, a break down below 1.0842 level will indicate that the rise from 1.0010 has completed, and then deeper decline is expected to 1.0650 level.
USDCAD drops sharply from 1.0776 level. Deeper decline is still possible to 1.0500 in a couple of days. However, we’d expect up trend to resume before breaking below 1.0410 level. Initial resistance is at 1.0776, only rise above this level will signal further rally towards 1.0800-50 area.
AUDUSD’s down trend from 0.9849 (July 15 low) extends further to as low as 0.8233 level. Deeper decline is expected to 0.8100 in a couple of days. Initial resistance is from the down trend line and key resistance is at 0.8693.
EURUSD is in down trend. The rebound from 1.4383 is teated as consolidation. Further fall is still possible to 1.4300 after consolidation. Initial resistance is located at 1.4571 and followed by 1.4811 level.
GBPUSD remains in down trend. The fall form 1.8794 extends to 1.7667 level. Deeper decline is still possible to 1.7500 level. Initial resistance is at the down trend line, and as long as the pair stays below the trend line resistance, we’d expect down trend to continue.
USDJPY is in down trend. One more fall below 107.62 to reach the next short term cycle bottom on 4-hour chart is still possible in a couple of days. Key resistance is located at 109.18, only rise above this level will indicate that a cycle bottom has been formed at 107.62, and then further rebound could be seen to test 110.27 resistance.
Get Your Free Elliott Wave Tutorial Now!
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme