EURUSD Analysis.
EURUSD’s rise from 1.2150 extends further to as high as 1.2662. Now the pair is facing the upper boundary of the price channel on 4-hour chart, consolidation of uptrend would more likely be seen in a couple of days. Key support is now at 1.2480, a break below this level will indicate that a cycle top has be formed, and the rise from 1.2150 has completed, then pullback to lower boundary of the channel could be seen. However, as long as 1.2480 support holds, the pair remains in uptrend from 1.2150, and another rise to 1.3000 is still possible.
USDCHF Analysis.
USDCHF remains in downtrend from 1.1730. The price action from 1.0578 is treated as consolidation of downtrend. Initial resistance is at the upper border of the price channel on 4-hour chart, a clear break above the channel resistance could turn price back to 1.0750-1.0800 area.
USDCAD Analysis.
USDCAD broke below the lower boundary of the price channel on 4-hour chart. However, the price action from 1.0673 is still treated as consolidation of uptrend from 1.0138. Now the pair may be forming a cycle bottom at 1.0484 level on 4-hour chart, key resistance is at 1.0600, above this level will confirm the cycle bottom, then another rise to 1.0750-1.0800 could be seen.
GBPUSD Analysis.
GBPUSD stays in a rising price channel on 4-hour chart and remains in uptrend from 1.4346. Support is at 1.5075 followed by the lower boundary of the channel, now at 1.4970. As long as the channel support holds, uptrend could be expected to continue, and one more rise to 1.5400 area is still possible. Key support is at 1.4873, only fall below these levels could indicate that the upward movement is complete.
AUDUSD Analysis.
AUDUSD breaks above 0.8509 key resistance, suggesting that a cycle bottom has been formed at 0.8315 level on 4-hour chart. Further rally is still possible in a couple of days and target is at 0.8858 previous high. Key support is at 0.8315, only fall below this level could turn price back to downtrend from 0.8858.
USDJPY Analysis.
USDJPY formed a cycle bottom at 86.96 level on 4-hour chart. Range trading between 86.96 and 88.76 is expected. Key resistance is at 88.76, a break above this level will indicate that the fall from 92.88 has completed at 86.96 already, then further rally could be seen to 90.00-91.00 area.
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