EURUSD Analysis.
EURUSD runs in a rising price channel on 4-hour chart and continue its upward trend from 1.4484. Further rally is still in favor and next target would be at 1.5100 zone. Support is now at the lower border of the price channel, as long as the channel support holds, uptrend will continue. However, a breakdown below 1.4827 key support will indicate that the rise from 1.4484 has completed, then the following pullback will take price to 1.4700-1.4750 area.
USDJPY Analysis.
USDJPY trades in a range between 90.07 and 91.31. Another fall to re-test the support of the rising trend line from 88.01 to 88.83 is possible later today. As long as the trend line support holds, price action from 91.31 is treated as consolidation of uptrend from 88.01 and one more rise towards 92.00 is expected. However, a clear break below the trend line support will indicate that the uptrend from 88.01 has completed, then the follow downtrend could take price to 88.50 zone.
USDCAD Analysis.
USDCAD might be forming a short term cycle top at 1.0584 level on 4-hour chart. Pullback to 1.0250-1.0300 area is possible later today and range trading between 1.0206 and 1.0584 would more likely be seen in next several days. Resistance level is now at 1.0584, only rise above this level will signal another rise towards the upper border of the falling price channel.
AUDUSD Analysis.
AUDUSD continues to trade in a rising price channel on 4-hour chart and remains in uptrend from 0.8567. As long as the channel support holds, further rise towards 0.9400 is expected in next several days. Key support is now located at 0.9112, only break below this level will indicate that the rise from 0.8567 has completed.
GBPUSD Analysis.
GBPUSD’s uptrend from 1.5708 extends further to as high as 1.6636 level. Another rise to test 1.6741 long term key resistance is possible in a couple of days, a break above this level will indicate that the longer term downtrend started from 1.0742 (Aug 5 high) has completed at 1.5708 level already. However, a minor consolidation would more likely be seen before breaking above 1.6741 resistance.
USDCHF Analysis.
USDCHF continues its bearish movement and the fall from 1.0452 extends further to as low as 1.0035 level. Deeper decline is still possible later today and next target would be at 0.9950-1.0000 area. Resistance remains at the falling price channel on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
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