USDCAD Analysis.
USDCAD has reached the upper border of the falling price channel on 4-hour chart, a clear above the channel resistance will indicate that the downtrend from 1.0852 has completed at 1.0138 already, then the upwards movement could bring price back towards 1.0852 previous high. On the other side, as long as the channel resistance holds, the bounce from 1.0138 is treated as correction of downtrend and another fall towards 1.0138 is still possible.
EURUSD Analysis.
EURUSD is forming a cycle bottom at 1.2209 level on 4-hour chart. Range trading between 1.2209 and 1.2466 is expected in a couple of days. Support is at 1.2209, a breakdown below this level will confirm that the rise from 1.1876 has completed at 1.2466 already, then the following downward movement could bring price back to 1.2050-1.2100 area. Key resistance is at 1.2466, above this level will signal resumption of uptrend from 1.1876, then next target would be at 1.2700 or even 1.2800.
GBPUSD Analysis.
GBPUSD has reached the upper border of the rising price channel. Pullback would more likely be seen later today and target would be at the lower border of the channel. As long as the channel support (now at 1.4745) holds, the fall from 1.5010 is treated as consolidation of uptrend from 1.4346 and another rise to 1.5050-1.5100 area is still possible after consolidation.
AUDUSD Analysis.
AUDUSD broke below 0.8660 key support, suggesting that the uptrend from 0.8080 has completed at 0.8858 already. Bearish movement is expected to continue later today and next target would be at 0.8500 area.
USDJPY Analysis.
USDJPY dropped sharply to as low as 89.22. The subsequent bounce suggests that a cycle bottom is being formed on 4-hour chart. Minor consolidation in a range between 89.22 and 90.00 would more likely be seen in next several days.
USDCHF Analysis.
USDCHF broke below 1.1008 previous low and reached as low as 1.0984, suggesting that the downtrend from 1.1730 has resumed. Deeper decline is now in favor and next target would be at 1.0900 area. Initial resistance is at the upper boundary of the falling price channel, now at 1.1065 and key resistance is at 1.1137, only rise above this level could indicate that the downtrend from 1.1730 has completed.
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