GBPUSD Analysis.
After a sharp drop from 1.6875, GBPUSD rebounded from 1.6460 level. However, the rise could possibly be consolidation of downtrend, another fall to 1.6300-1.6350 area is still possible after consolidation. Resistance is now at 1.6670 followed by 1.6720, only rise above these levels will indicate that the uptrend from 1.5708 has resumed, then another rise towards 1.6950-1.700 area could be seen to follow.
USDJPY Analysis.
USDJPY continues its downward trend from 92.32 and the fall extends further to as low as 88.57. Deeper decline towards 88.01 previous low is still possible later today. Resistance is at 89.20 followed by 89.55, and key resistance is located at the upper border of the falling price channel on 4-hour chart, a clear break above the channel resistance will suggest that the downtrend from 92.32 has completed, then the following uptrend could bring price back to 91.00 or even 92.00.
USDCAD Analysis.
USDCAD broke below 1.614 key support, suggesting that a short term cycle top has been formed at 1.0731 level on 4-hour chart. Now the pair is testing the support of the lower border of price channel on 4-hour chart, a clear break below the channel support will confirm that the uptrend from 1.0416 has completed at 1.0731 already, then another fall towards 1.0206 (Oct 15 low) could be seen to follow.
USDCHF Analysis.
USDCHF drops below the rising trend line on 4-hour chart suggesting completion of uptrend from 1.0035. Now the fall from 1.0222 could possibly be resumption of longer term downtrend from 1.1024 (June 24 high). Deeper decline towards 1.0032 previous low is expected later today, a breakdown below this level will signal resumption of downtrend, then another fall towards 0.9900 could be seen.
AUDUSD Analysis.
AUDUSD rebounded sharply from 0.9060, suggesting that a short term cycle bottom is being formed on 4-hour chart, and the rise could possibly be resumption of longer term uptrend from 0.7703 (July 13 low), another rise towards 0.9500 is now in favor. Support is located at 0.9060, only fall below this level could indicate that the pair remains in downtrend from 0.9404, then deeper decline is expected to test 0.8916 uptrend critical support.
EURUSD Analysis.
EURUSD broke above the falling trend line on 4-hour chart, suggesting that a short term cycle bottom has been formed at 1.4801 level, and the rise from 1.4801 could possibly be resumption of longer term uptrend from 1.3748 (June 16 low), another rise towards 1.5200 is now in favor. Support level is at 1.4801, only fall below this level could take price back to range trading between 1.4626 and 1.5062.
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