EURUSD Analysis.
Being contained by 1.2144 support, EURUSD rebounded from 1.2178. Range trading between 1.2144 and 1.2671 is expected in a couple of days. As long as 1.2671 resistance holds, the price action in the trading range is treated as consolidation of downtrend from 1.3691 (Apr 12 high) and another fall to 1.1800 is possible after consolidation. However, a break above 1.2671 resistance will indicate that the fall from 1.3691 has completed at 1.2144 already, then the following uptrend could bring price to 1.3000 area.
USDCHF Analysis.
USDCHF breaks below the rising trend line on 4-hour chart. Range trading between 1.1424 and 1.1695 is expected in a couple of days. As long as 1.1424 support holds, the fall from 1.1695 is treated as consolidation of uptrend, and another rise to 1.1800 is still possible after consolidation. Resistance is now at 1.1695, a break above this level could signal resumption of uptrend.
USDCAD Analysis.
USDCAD’s rise from 1.0110 extends further to 1.0852 level. As long as 1.0533 support holds, the fall from 1.0852 is treated as correction of uptrend, and another rise to 1.1000 is still possible. However, a breakdown below 1.0533 will indicate that the rise from 1.0110 has completed at 1.0852 already, then another fall towards 0.9930 (Apr 21 low) could be seen.
AUDUSD Analysis.
After touching 0.8071 previous low, AUDUSD rebound from 0.8066, suggesting lengthier consolidation of downtrend is underway. Further rally is still possible later today and target would be at 0.8450 area.
GBPUSD Analysis.
GBPUSD stays in a trading range between 1.4230 and 1.4527. As long as 1.4527 resistance holds, the price action in the trading range is treated as consolidation of downtrend from 1.5522, and another fall to 1.4200 is still possible after consolidation, only rise above 1.4527 level could bring price back to 1.4800 area.
USDJPY Analysis.
No changed in our view, USDJPY has formed a cycle bottom at 88.98 level on 4-hour chart. Bounce to 91.00 would more likely be seen later today, above this level could trigger another rally towards 94.98 previous high.
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