USDJPY Analysis.
USDJPY stays above a rising trend line from 88.01 to 88.83 and remains in uptrend. Range trading between 90.07 and 91.31 is expected later today. Key resistance is at 91.31, a break above this level will indicate that the uptrend from 88.01 has resumed, then next target would be at 92.00 zone. Key support is at the rising trend line now at 89.65, only fall below this level will indicate that the uptrend from 88.01 has completed.
EURUSD Analysis.
EURUSD remains in uptrend from 1.4484 and the price action from 1.4966 is treated as consolidation of uptrend. Key support is now located at 1.4827, as long as this level holds, we’d expect uptrend to resume, and another rise towards 1.5100 is still possible after consolidation. However, below 1.4827 will indicate that a short term cycle top has been formed at 1.4993 level on 4-hour chart, then the following pullback will take price to 1.4700-1.4750 area.
USDCAD Analysis.
USDCAD rebounded sharply from 1.0265, suggesting another rise towards 1.0600-1.0650 area is underway. Resistance is located at the upper border of the price channel on 4-hour chart, as long as channel resistance holds, the rise action from 1.0206 is treated as correction of downtrend, one more fall below 1.0206 could still be seen after correction.
AUDUSD Analysis.
AUDUSD stays in a rising price channel on 4-hour chart and remains in uptrend from 1.8567, as long as the channel support holds, the price action from 0.9269 is treated as consolidation of uptrend, and another rise towards 0.9400 is expected. Key support is located at 0.9112, below this level will indicate that the uptrend has completed at 0.9310 level already, then the following pullback could take price to 0.9000 zone.
GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5708. Rise towards 1.6600 area to reach next short term cycle top on 4-hour chart is still in favor. Initial support is at 1.6325 and key support is now located at 1.6240, as long as these levels holds, uptrend will continue. However, below 1.6240 will indicate that the rise from 1.5708 has completed.
USDCHF Analysis.
USDCHF stays below the falling trend line on 4-hour chart and continues its downward trend from 1.0452. Deeper decline is still in favor and next target would be at 1.0000 zone. Resistance is at the falling trend line and key resistance is now located at 1.0228, rise above this level could take a price back to 1.0300 or even 1.0400.
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