USDCAD Analysis.
USDCAD is forming a triangle pattern on daily chart. Resistance is at the upper boundary of the pattern, now at 1.0605, a clear break above this level will indicate that the uptrend form 0.9930 has resumed, then another rise towards 1.0852 (May 25 high) could be seen. Support is located at the lower boundary of the pattern, now at 1.0321, a clear below this level could bring price towards 1.0000 area.
EURUSD Analysis.
EURUSD broke below this lower border of the rising price channel on 4-hour chart, suggesting lengthier consolidation of uptrend from 1.1876 is underway. Deeper decline is still possible and target would be at 1.2600 area.
USDJPY Analysis.
USDJPY may be forming a cycle top at 87.56 level on 4-hour chart. Deeper decline towards 86.26 is expected later today, a breakdown below this level will indicate that the downtrend from 89.15 has resumed, then another fall towards 84.82 (2009 low) could be seen. However, as long as 86.26 support holds, sideways consolidation in a range between 86.26 and 87.70 is possible to continue.
GBPUSD Analysis.
GBPUSD’s downward movement extends further to as low as 1.5124. Another fall to 1.5000 area is still possible later today. Resistance is at 1.5334, only rise above this level could indicate that the fall from 1.5471 is complete.
USDCHF Analysis.
USDCHF stays in a trading range between 1.0399 and 1.0675. Rise towards 1.0675 resistance would more likely be seen later today. As long as 1.0675 resistance holds, the price action in the trading range is treated as consolidation of downtrend from 1.1730, and another fall to 1.0200 is still possible after consolidation.
AUDUSD Analysis.
AUDUSD failed to break above 0.8870 resistance and pulled back from 0.8859. Another fall to 0.8450 area is expected, however, a break below 0.8632 is needed to confirm such case.
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