GBPUSD Analysis.
GBPUSD has formed a cycle bottom at 1.5484 level on 4-hour chart. Now the price action from 1.5484 is treated as consolidation of downtrend. Bounce towards the upper border of the price channel would likely be seen in a couple of days. As long as the channel resistance holds, downtrend is expected to resume and another fall to 1.5300-1.5400 area is still possible.
AUDUSD Analysis.
AUDUSD’s bounce from 0.9537 extended to as high as 0.9778, suggesting that a cycle bottom had been formed on 4-hour chart. Further rise towards the upper border of the price channel could be seen later today, and downtrend is expected to resume after touching the border of the channel.
EURUSD Analysis.
EURUSD has formed a cycle bottom at 1.2969 level on 4-hour chart. The bounce from 1.2969 is treated as consolidation of downtrend from 1.4281. Resistance is at the falling trend line from 1.4281 to 1.3785, as long as the trend line resistance holds, downtrend is expected to resume and another fall towards 1.2500 is still possible.
USDCHF Analysis.
USDCHF dropped sharply to as low as 0.9888 level. As long as 0.9848 key support holds, the fall from 1.0066 is treated as consolidation of uptrend, and one more rise towards 1.0200 is still possible. However, below 0.9848 will indicate that the rise from 0.9548 has completed at 1.0066 already, then the following downward move could bring price back to 0.9700 area.
USDJPY Analysis.
USDJPY traded in a range between 83.38 and 84.40. As long as 83.38 key support holds, uptrend from 80.30 is expected to resume and one more rise to 85.00 area is still possible. However, below 83.38 will indicate that the rise from 80.30 has completed at 84.40 already, then the following downward move could bring price back to 81.00-82.00 area.
USDCAD Analysis.
USDCAD dropped sharply to as low as 1.0024 level. Deeper decline towards 0.9977 previous low is still possible later today, a breakdown below this level will target 0.9930 (Apr low). Resistance is at 1.0100, only break above this level could trigger another rise towards 1.0285 previous high.
