GBPUSD Analysis.
GBPUSD rebounded strongly from 1.5755, suggesting that a cycle bottom is being formed on 4-hour chart. Now the rise from 1.5755 is more likely resumption of uptrend from 1.5296, further rise towards 1.6017 is possible later today, a break above this level will confirm that the uptrend has resumed, then next target would be at 1.6200 area. Key support is now at 1.5755, only break below this level will indicate that the uptrend from 1.5296 has completed at 1.6017 already, then the following downward move could bring price back to 1.5200 area.
USDCAD Analysis.
USDCAD broke below 1.0062 and continues its downward move from 1.0672, and the fall extended to as low as 1.0004 level. Deeper decline towards 0.9930 (Apr 21 low) is still possible in a couple of days, a breakdown below this level could trigger another fall to 0.9500 area.
EURUSD Analysis.
After consolidation, EURUSD breaks above 1.4029 and reaches as high as 1.4093 level, suggesting that a cycle bottom has been formed at 1.3775 level on 4-hour chart and the uptrend from 1.2587 has resumed. Further rise is still possible in a couple of days, and next target would be at 1.4200-1.4300 area. Key support is at 1.3775 only break below this level could indicate that the rise from 1.2587 is complete.
AUDUSD Analysis.
AUDUSD continues its upward move from 0.8771 and the rise extends to as high as 0.9981 level. Support remains at the rising trend line from 0.8860 to 0.9541, as long as the trend line support holds, uptrend will continue and next target would be at 1.0100 area.
USDCHF Analysis.
USDCHF runs in a falling price channel on 4-hour chart and remains in downtrend from 1.0277. As long as the channel resistance holds, downtrend is expected to continue and next target would be at 0.9400 zone.
USDJPY Analysis.
USDJPY stays in a falling price channel and remains in downtrend from 85.92. As long as the channel resistance holds, downtrend could be expected to continue, and next target would be at 80.00 area.
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