GBPUSD Analysis.
GBPUSD is forming a short term cycle bottom at 1.6515 level on 4-hour chart. Now the rise from 1.6515 is possibly be resumption of uptrend from 1.5708, a break above 1.6840 key resistance will confirm the cycle bottom and signal another rally towards 1.7042 (Aug 5 high). Support level is at 1.6515, below this level will suggesting that the uptrend from 1.5708 has completed at 1.6841 level already, then the following downtrend could take price back to 1.6300-1.6350 area.
AUDUSD Analysis.
AUDUSD dropped from 0.9368 and reached 0.9210 level only. Now the rise from 0.9210 could possibly be resumption of uptrend from 0.8916. Further rally is in favor and next target would be at 0.9500 zone. Support is at 0.9210, only fall below this level will signal another decline towards 0.9000 area.
EURUSD Analysis.
EURUSD might be forming a short term cycle bottom at 1.4821 level on 4-hour chart, further rise to test 1.5048 key resistance is expected later today, a break above this level will confirm the cycle bottom and signal resumption of longer term uptrend from 1.3748 (June 16 low). However, below 1.4821 level will suggest lengthier range trading between 1.4626 and 1.5062 is underway, and delay the resumption of uptrend.
USDCAD Analysis.
USDCAD stays in a falling price channel and remains in downtrend from 1.0852. A break below 1.0416 will confirm that the fall from 1.0852 is resumption of long term downtrend, then next target could be seen to 1.0300 zone. However, a clear break above the channel resistance will indicate that the fall has completed at 1.0416 level already.
USDJPY Analysis.
USDJPY dropped sharply from 90.60 last week. Deeper decline is still possible to re-test 89.29 support, below this level will signal another fall towards 88.83. However, rebound would more likely be seen before breaking below 88.01 critical support. Resistance is now at the falling trend line from 91.26 to 90.60, above the trend line resistance will indicate that the fall from 92.32 has completed.
USDCHF Analysis.
USDCHF pulled back from 1.0193 last week, suggesting that a short term cycle top is being formed on 4-hour chart. Deeper decline to test 1.0035 is expected later today, and a breakdown below this level will indicate that the downtrend from 1.1021 (June 24 high) has resumed, then another fall could take price to 0.9900 area.
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