EURUSD Analysis.
EURUSD may be forming a cycle bottom at 1.3074 level on 4-hour chart. Range trading between 1.3074 and 1.3333 is expected in a couple of days. Support is at 1.3074, as long as this level holds, we’d expect uptrend to resume and one more rise to 1.3500 area is still possible after consolidation. However, a break below 1.3074 will indicate that lengthier consolidation of uptrend from 1.1876 (Jun 7 low) is underway, then deeper decline could be seen to 1.2900-1.3000 area.
AUDUSD Analysis.
AUDUSD is forming a cycle bottom at 0.9058 level on 4-hour chart. Sideways movement in a range between 0.9058 and 0.9221 would more likely be seen in a couple of days and another rise to 0.9300 area is still possible. Key support is now at 0.9058, only break below this level could trigger another fall to 0.9000 area.
USDCHF Analysis.
After touching the upper border of the price channel on 4-hour chart, USDCHF pulled back sharply from 1.0617, suggesting that a cycle top is being formed. Another fall towards the lower border of the channel is expected. Key resistance remains at 1.0675, a break of this level will indicate that the downtrend from 1.1730 (Jun 1 high) has completed at 1.0331 already, then the following upward movement could bring price back to 1.1200 or even higher.
GBPUSD Analysis.
GBPUSD may be forming a cycle bottom at 1.5710 level on 4-hour chart. Sideways consolidation in a range between 1.5710 and 1.5997 is expected, and another rise to 1.6200 is still possible after consolidation. Key support is now at 1.5710, only break below this level could trigger another fall to 1.5500-1.5600 area.
USDJPY Analysis.
USDJPY might be forming a cycle top at 86.22 level on 4-hour chart, and the fall from 86.22 could possibly be resumption of downtrend from 88.11, deeper decline towards 84.82 (2009 low) is expected later today. Resistance is now at 86.22, only break above this level could turn price back towards 86.87 resistance.
USDCAD Analysis.
USDCAD failed to break above 1.0394 key resistance and pulled back from 1.0388, Suggesting that a cycle top is being formed on 4-hour chart. Now the fall from 1.0388 could possibly be resumption of downtrend from 1.0676 (Jul 6 high), another fall towards 1.0000 is possible.
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