EURUSD Analysis.
EURUSD broke above the falling price channel on 4-hour chart and traded in a range between 1.3531 and 1.3838. Lengthier sideways movement in the range would more likely be seen in a couple of days. The price action from 1.3585 is still treated as consolidation of downtrend from 1.4579. As long as 1.3838 resistance holds, one more fall towards 1.3400 area is expected after consolidation, and a breakdown below 1.3531 could signal resumption of downtrend. However, above 1.3838 will indicate that the fall from 1.4579 has completed, then the following bounce could bring price back to 1.3890 or even 1.4050 area.
USDCHF Analysis.
USDCHF traded in range between 1.0608 and 1.0827. The price action in the trading range is treated as consolidation of uptrend from 1.0132. As long as 1.0608 support holds, another rise towards 1.0900 is expected after consolidation. However, a break below 1.0608 will suggest that the rise from 1.0132 has completed at 1.0827 already, then deeper decline could be seen to 1.0450 area.
USDCAD Analysis.
USDCAD continues its downward movement and the fall from 1.0779 extended to as low as 1.0409 level. Further fall is still possible later today and next target would be at 1.0350 area. Resistance is at the upper border of the falling price channel on 4-hour chart, a clear break above the channel resistance will indicate that a short term cycle bottom has been formed at 1.0409, then the following bounce could take price back to 1.0550 area.
GBPUSD Analysis.
GBPUSD remains in downtrend and the bounce from 1.5534 is treated as consolidation of downtrend. Another fall towards 1.5400-1.5500 area is still possible after breaking below the lower border of the price channel on 4-hour chart.
USDJPY Analysis.
USDJPY broke above the falling price channel on 4-hour chart, suggesting that the fall from 93.75 has completed at 88.57 level already. Further rally is expected later today and target would be at 92.00-92.50 area. Support is at 90.60 followed by 90.00.
AUDUSD Analysis.
AUDUSD’s uptrend extended to as high as 0.9035. Support level is now at 0.8900, as long as this level holds, uptrend is expected to continue and further rally could be seen to 92.00 area. However, below 0.8900 will suggest that the rise from 0.8577 has completed at 0.9035 already.
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