USDJPY Analysis.
USDJPY’s bounce from 86.26 extended to as high as 88.11 level. Further rise towards the upper boundary of the falling price channel on 4-hour chart is still possible, and next cycle top is nearing. Key support is at 86.80, a break below this level will indicate that a cycle top has been formed at 88.11, then the following downward movement could bring price towards 84.82 (2009 low).
USDCHF Analysis.
Being contained by 1.0675 key resistance, USDCHF pulled back from 1.0639, however, another rise towards 1.0675 is still possible, a break of this level will indicate that the downtrend started from 1.1730 (Jun 1 high) had completed at 1.0394 already, then longer term target would be at 1.0900 area. Key support is now at 1.0460, below this level will indicate that a cycle top has been formed at 1.0639 level on 4-hour chart, and the bounce from 1.0394 has completed, then another fall to 1.0300 could be seen.
EURUSD Analysis.
EURUSD remains in uptrend from 1.1876 (Jun 7 low) and the price action from 1.3028 is treated as consolidation of uptrend. Another fall towards the lower border of the rising price channel (now at 1.2738) would more likely be seen later today.
USDCAD Analysis.
USDCAD is forming a cycle bottom at 1.0255 level on 4-hour chart, key resistance is at 1.0395, a break above this level will confirm the cycle bottom, then further rise could be seen to 1.0550 area. Key support is at 1.0255, only break below this level could trigger another fall to 1.0200 area.
GBPUSD Analysis.
GBPUSD’s uptrend from 1.5124 extends to as high as 1.5639 level. Further rise is still possible later today and next target would be at 1.5800 area. Key support is at 1.5440, as long as this level holds, uptrend will continue. On the other side, below 1.5440 will indicate that a cycle top has been formed on 4-hour chart, then the pair will find support at 1.5300 area.
AUDUSD Analysis.
AUDUSD has formed a cycle top at 0.9068 level on 4-hour chart. Pullback to the lower border of the price channel would more likely be seen in a couple of days. Key resistance is at 0.9068, only break above this level could trigger another rise to 0.9150-0.9200 area.
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