GBPUSD Analysis.
GBPUSD stays in a trading range between 1.5535 and 1.5712. Another rise towards 1.5712 key resistance would more likely be seen later today, a break above this level will confirm that a cycle bottom has been formed at 1.5535 level on 4-hour chart, then another rise towards 1.5997 previous high could be seen. On the downside, below 1.5535 could resume the downward move from 1.5997, then next target would be at 1.5400 area.
USDCHF Analysis.
Being contained by 1.0331 previous low support, USDCHF bounced back to 1.0445. However, another fall towards 1.0331 is still possible later today, below this level will target 1.0250-1.0300 area. Resistance is at 1.0475 followed by the upper boundary of the price channel.
EURUSD Analysis.
EURUSD is forming a cycle bottom at 1.2734 level on 4-hour chart, key resistance is at 1.2932, a break above this level will confirm the cycle bottom, then next target would be at 1.3100 area. Support is at 1.2734, only break below this level will suggest that the downward movement from 1.3333 has resumed, then deeper decline could be seen to 1.2600 area.
AUDUSD Analysis.
AUDUSD broke above 0.9034 key resistance, suggesting that a cycle bottom has been formed at 0.8858 level on 4-hour chart. Now the rise from 0.8858 is possibly be resumption of uptrend from 0.8066 (May 25 low), another rise towards 0.9221 is expected.
USDJPY Analysis.
USDJPY stays in a trading range between 84.72 and 86.87. Another rise towards 86.87 would more likely be seen later today. Key support is at 84.72, only break below this level could trigger another fall to 82.00 zone.
USDCAD Analysis.
USDCAD’s fall from 1.0493 extended further to as low as 1.0308 level. Deeper decline to 1.0250 is expected later today. However, the fall is more likely correction of uptrend from 1.0107, one more rise to 1.0600 is still possible after correction.
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