USDCAD Analysis.
Being contained by 0.9979 support, USDCAD rebounded to as high as 1.0093 level, suggesting that a cycle bottom is being formed on 4-hour chart. Range trading between 0.9979 and 1.0150 would more likely be seen in a couple of days. Key support is at 0.9979, only break below this level could trigger another fall towards 0.9500 zone.
USDJPY Analysis.
USDJPY stays in a trading range between 80.30 and 81.98 and is now facing 81.98 key resistance, a break above this level will indicate that the downward movement from 85.92 (Sep 17 high) has completed at 80.30 already, then the following upward move could bring price back to 83.00-84.00 area. As long as 81.98 resistance holds, downtrend could be expected to resume and one more fall towards 79.75 (1995 low) is still possible.
GBPUSD Analysis.
GBPUSD broke below the rising price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.6298 level. Deeper decline is expected in a couple of days and next target would be at 1.5800-1.5900 area.
EURUSD Analysis.
EURUSD dropped sharply from 1.4281 and reaches as low as 1.3736 level. Deeper decline to test 1.3698 key support is still possible later today, a break below this level will indicate that lengthier consolidation of the long term uptrend from 1.1876 (Jun 7 low) is underway, then the pair would find support at 1.3500 area.
USDCHF Analysis.
USDCHF is forming a cycle bottom at 0.9548 level on 4-hour chart. Bounce to 0.9850 area to reach next cycle top is expected in a couple of days. Support is at 0.9548, only break below this level could trigger another fall towards 0.9463 previous low.
AUDUSD Analysis.
AUDUSD broke below the rising price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.0182 level. Deeper decline is still possible later today and next target would be at 0.9900 area. Resistance is at 1.0182, only break above this level would trigger another rise towards 1.0400 area.
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