USDCHF Analysis.
USDCHF’s downward movement extends to as low as 1.0801 level. Resistance remains at the upper boundary of the falling price channel on 4-hour chart. As long as the channel resistance holds, deeper decline is still possible and next target would be at 1.0600-1.0750 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed, then minor consolidation of downtrend could be seen.
USDCAD Analysis.
USDCAD broke above 1.0468 key resistance, suggesting that the downtrend from 1.0852 has completed at 1.0138 already. Further rally towards 1.0678 resistance is expected in a couple of days, however, minor consolidation would more likely be seen before breaking above this level.
EURUSD Analysis.
EURUSD broke below 1.2209, suggesting that the rise from 1.1876 has completed at 1.2466 already. Deeper decline is still possible in a couple of days and next target would be at 1.2050 area. Initial resistance is at 1.2220 followed by 1.2250.
GBPUSD Analysis.
GBPUSD runs in a rising price channel on 4-hour chart and remains in uptrend from 1.4346. The fall from 1.5128 is more likely consolidation of uptrend. Support is at the lower border of the channel, now at 1.4875, as long as the channel support holds, another rise could be seen and next target would be at 1.5200 area.
AUDUSD Analysis.
AUDUSD broke below 0.8595 key support, suggesting that the uptrend from 0.8080 has completed at 0.8858 already. Deeper decline is still possible in a couple of days and target would be at 0.8400 area. Resistance levels are at 0.8510 and 0.8555.
USDJPY Analysis.
USDJPY is facing 88.25 previous low support. Minor consolidation would more likely be seen before breaking below this level. Range trading between 0.8825 and 89.50 is expected in a couple of days. Resistance is at 89.50, as long as this level holds, we’d expected downtrend to resume and another fall is still possible after consolidation.
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