USDJPY Analysis.
USDJPY remains in short term uptrend form 90.07. As long as 91.57 support holds, we’d expect uptrend to continue and further rise to test 92.53 resistance is possible later today, a breakout of this level will confirm that the downward trend from 97.78 (Aug 7 high) has completed at 88.01 level already. However, below 91.57 will indicate that minor consolidation of uptrend from 88.01 is underway, then pullback towards the rising trend line from 88.01 to 88.83 is expected to follow.
GBPUSD Analysis.
After a sharp drop from 1.6692, GBPUSD trades in a narrow range above 1.6251, suggesting a minor consolidation is underway. Range trading between 1.6251 and 1.6450 would more likely be seen later today. However, deeper decline is still possible after consolidation and a break below 1.6251 level will signal another fall towards 1.6000 zone.
USDCHF Analysis.
USDCHF broke above the falling trend line on 4-hour chart, suggesting that a short term cycle bottom has been formed at 1.0032 level on 4-hour chart, and the downtrend from 1.0452 has completed already. Further rise is now in favor and target would be at 1.0300 area.
EURUSD Analysis.
EURUSD drops sharply from 1.5062, suggesting that a short term cycle top has been formed on 4-hour chart and the rise from 1.4484 has completed. Deeper decline is still possible in a couple of days and target would be at 1.4700 area.
USDCAD Analysis.
USDCAD broke above 1.0584 resistance, suggesting that the pair remains in uptrend from 1.0206. Further rise is expected to 1.0800 in a couple of days. Support is now located at the lower border of the rising price channel on 4-hour chart, uptrend could be expected to continue as long as the channel support holds.
AUDUSD Analysis.
AUDUSD is testing the key support at 0.9112, below this level will indicate that the uptrend from 0.8567 has completed at 0.9326 already, then the following downtrend could take price to 0.8900-0.9000 area. However, as long as 0.9112 support holds, the price action from 0.9326 could possibly be consolidation of uptrend and another rise towards 0.9400 is still possible.
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