USDCHF Analysis.
USDCHF breaks above the upper border of the price channel. Further rally to test 1.0675 key resistance could be seen later today, a break above 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. Support is at 1.0461, only break below this level could trigger another fall towards 1.0331 previous low.
EURUSD Analysis.
EURUSD drops sharply to as low as 1.2830, suggesting that the upward movement from 1.1876 (Jun 7 low) has completed at 1.3333 already. The pair is now in downtrend. Deeper decline is still possible in a couple of days and next target would be at 1.2700 area. Resistance is at 1.2935 followed by 1.3000.
AUDUSD Analysis.
AUDUSD is facing 0.8905 key support, a breakdown below this level will indicate that the upward movement from 0.8315 (Jul 1 low) has completed at 0.9221 already, then the following downward movement could bring price to 0.8600-0.8700 area.
GBPUSD Analysis.
GBPUSD’s fall extends to as low as 1.5614. Deeper decline is still possible in a couple of days and target would be at 1.5400-1.5500 area. However, the fall from 1.5997 is treated as correction of uptrend from 1.4230 (May 20 low), another rise towards 1.8000 long term target is still possible after correction.
USDJPY Analysis.
USDJPY formed a cycle top at 86.22 level on 4-hour chart, and the fall from 88.11 reached as low as 84.72 level. Deeper decline towards 84.82 (2009 low) is still possible later today. Resistance is at 86.22, above this level could indicate that the fall from 88.11 has completed.
USDCAD Analysis.
USDCAD broke above 1.0394 key resistance, suggesting that the downward movement from 1.0676 has completed at 1.0107 already. The pair is now in uptrend, further rise is possible in a couple of days and next target would be at 1.0550-1.0600 area. Support is at 1.0390, as long as this level holds, uptrend will continue.
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