USDCHF Analysis.
USDCHF dropped sharply from 1.0898 last week, suggesting that a short term cycle top had been formed on 4-hour chart. Range trading between 1.0608 and 1.0898 is expected in a couple of days. However, the price action from 1.0794 is treated as consolidation of uptrend from 1.0132, one more rise towards 1.1000 is still possible. Key support is at 1.0608, below this level will indicate that the upward movement from 1.0132 has completed at 1.0898 already, then the following pullback could take price back to 1.0500 zone.
USDCAD Analysis.
USDCAD’s downtrend extends further to as low as 1.0372 level. Deeper decline is expected later today and next target would be at 1.0300 area. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
EURUSD Analysis.
EURUSD stays in a falling price channel and remains in downtrend from 1.4579. Range trading between 1.3443 and 1.3838 is expected in a couple of days and another fall towards 1.3400 area is still possible after consolidation. Key resistance is located at 1.3838, only rise above this level could indicate that the fall from 1.4579 has completed.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5815 and the bounce from 1.5350 is more likely minor consolidation of downtrend. Another fall is still possible after consolidation and next target would be at 1.5250 area. Resistance levels are at 1.5500 and 1.5540.
USDJPY Analysis.
USDJPY remains in uptrend from 88.57. Further rally is still possible later today and next target would be at 92.50-93.00 area. Support is at 91.45, below this level will suggest that a short term cycle top is being formed on 4-hour chart, then range trading between 91.00 and 92.15 could be expected to follow.
AUDUSD Analysis.
AUDUSD bounced from 0.8878 last week, suggesting that a short term cycle bottom had been formed on 4-hour chart. Another rise towards 0.9100 is expected later today. Key support is now located at 0.8878, only fall below this level could indicate that the uptrend from 0.8577 has completed.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme