GBPUSD Analysis.
GBPUSD is forming a cycle top at 1.5128 level on 4-hour chart. Key support s now at the lower border of the rising price channel, now at 1.4910, a clear break below the channel support will confirm the cycle top and indicate that the uptrend from 1.4346 is complete, then the following downtrend could bring price back towards 1.4230 previous low. However, as long as the channel support holds, uptrend is expected to continue and one more rise to 1.5400 is still possible.
USDCHF Analysis.
USDCHF stays in a falling price channel on 4-hour chart and remains in downtrend. As long as the channel resistance (now at 1.0850) holds, downtrend is expected to continue and next target would be at 1.0650 area. Only a clear break above the channel resistance could indicate that a cycle bottom is being formed, then minor consolidation of downtrend could be seen.
USDCAD Analysis.
USDCAD is facing 1.0678 resistance, a break above this level will target 1.0800 zone. Support is at 1.0540, as long as this level holds, uptrend is expected to continue. However, a break below this level will indicate that a minor consolidation of uptrend is underway, then the pair will find support at the rising trend line on 4-hour chart.
EURUSD Analysis.
After breaking below 1.2209 support, the fall from 1.2466 could possibly be resumption of downtrend from 1.5144 (2009 high). Another fall towards 1.1876 is now in favor. Resistance is now at 1.2305, only rise above this level could trigger one more rise to 1.2600 area.
AUDUSD Analysis.
AUDUSD remains in downtrend from 0.8858. Deeper decline is still possible later today and next target would be at 0.8200-0.8250 area. Resistance is at 0.8475, as long as this level holds, downtrend will continue.
USDJPY Analysis.
USDJPY breaks below 88.25 previous low support. Resistance is at now at 88.76, as long as this level holds, downtrend from 92.10 is expected to continue and next target would be at 87.00 area. Only rise above 88.76 level will suggest that a minor consolidation of downtrend is underway.
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