GBPUSD Analysis.
GBPUSD formed a sideways consolidation in a narrow range between 1.5080 and 1.5240 for several days. Lengthier sideways movement is still possible later today. Near term support is at the lower boundary of the price channel on 4-hour chart (now at 1.5027), As long as the channel support holds, the sideways movement is treated as consolidation of uptrend, another rise to 1.5400 is still possible. Key support is at 1.4873, only fall below these levels could indicate that the upward movement from 1.4346 is complete.
EURUSD Analysis.
EURUSD remains in uptrend from 1.2150 and the rise extends to as high as 1.2711 level. Further rally is still possible later today and next target would be at 1.2800 area. Key support is at 1.2480, only fall below this level could indicate that the rise from 1.2150 is complete.
USDCHF Analysis.
No changed in our view, USDCHF stays in a falling price channel on 4-hour chart and remains in downtrend from 1.1730. As long as the channel resistance (now at 1.0525) holds, downtrend is expected to continue, and next target would be at 1.0400 area, only a clear break above the channel resistance could turn price back to 1.0600 area.
USDCAD Analysis.
USDCAD’s downtrend from 1.0676 extends to as low as 1.0379 level. Deeper decline is still in favor and next target would be at 1.0300-1.0350 area. Initial resistance is at 1.0475, and key resistance is at 1.0605, only rise above these levels could trigger another rise to 1.0750-1.0800 area.
AUDUSD Analysis.
AUDUSD’s rise from 0.8315 extends to as high as 0.8790. further rally towards 0.8858 previous high is still possible later today. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.
USDJPY Analysis.
USDJPY has reached the upper border of a falling price channel on 4-hour chart, a clear break above the channel resistance will indicate that the downtrend from 92.88 has completed at 86.96 already, then further rally could be seen to 89.50-90.00 area.
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