EURUSD Analysis.
EURUSD broke below the lower border of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.3817 level on 4-hour chart and the bounce from 1.3435 has completed. Deeper decline to test 1.3435 support could be expected later today, a breakdown below this level will signal resumption of long term downtrend from 1.5144 (Nov 25, 2009 high), then another fall towards 1.3200 could be seen.
USDCHF Analysis.
USDCHF formed a cycle bottom at 1.0506 level on 4-hour chart. Further rally to test the resistance of the upper border of the price channel is expected, a clear break above the channel resistance will indicate that the fall from 1.0898 has completed, then the following uptrend could take price to 1.0899-1.0900 area. Support is at 1.0506, only fall below this level may signal resumption of downtrend.
USDJPY Analysis.
USDJPY traded in range between 89.63 and 91.08. Now the price action in the trading range is more likely consolidation of uptrend from 88.14, another rise to test 92.14 resistance is expected in a couple of days. Key support remains at 89.63, only fall below this level could indicate that the bounce from 88.14 has completed at 91.08 level already.
AUDUSD Analysis.
AUDUSD might be forming a cycle top at 0.9250 level on 4-hour chart. Deeper decline to test 0.9095 would more likely be seen later today, a break below this level will indicate that a cycle top has been formed, then next target would be at 0.8980 area. Resistance is now at 0.9250, only rise above this level could take price back to uptrend from 0.8801.
GBPUSD Analysis.
GBPUSD dropped sharply from 1.5382 last week, suggesting that a cycle top has been formed at 1.5382 level on 4-hour chart. Deeper decline is now in favor and target is to test 1.4784 previous low support, below this level will trigger another fall towards 1.4500 area.
USDCAD Analysis.
USDCAD might be forming a cycle bottom at 1.0061 level on 4-hour chart, a clear break above the upper border of the price channel will confirm the cycle bottom, then sideways movement between 1.0061 and 1.0320 is expected.
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