GBPUSD Analysis.
GBPUSD has reached the upper border of the price channel on 4-hour chart. Pullback from the channel resistance would likely be seen later today. Support is at 1.5650, a breakdown below this level will indicate that a cycle top has been formed, then another fall to 1.5300-1.5400 area could be seen. Only a clear break above the channel resistance could suggest that lengthier consolidation of downtrend is underway.
AUDUSD Analysis.
AUDUSD formed a cycle bottom at 0.9537 and bounced strongly to as high as 0.9936. Now the pair is facing 0.9953 resistance, a break above this level will suggest that the rise from 0.9537 is resumption of uptrend from 0.8066 (May 25 low), then another rise towards 1.0500 could be seen.
EURUSD Analysis.
EURUSD has reached the falling trend line from 1.4281 to 1.3785. Pullback from the trend line resistance would likely be seen later today. Support is at 1.3200, a break below this level will indicate that a cycle top has been formed on 4-hour chart, then another fall to 1.2800 area could be seen.
USDCHF Analysis.
USDCHF dropped sharply from 1.0066 and formed a cycle top on 4-hour chart. Deeper decline is still possible later today and target would be at the lower border of the price channel. However, the price action from 0.9971 is treated as consolidation of uptrend from 0.9463, another rise towards 1.0500 area is still possible after consolidation.
USDJPY Analysis.
USDJPY broke below the price channel on 4-hour chart, suggesting that the rise from 80.30 had completed at 84.40 already. Deeper decline is expected in a couple of days and target would be at 81.50 area.
USDCAD Analysis.
USDCAD’s fall from 1.0285 extended to as low as 1.0002 level. Deeper decline to test 0.9977 support is possible later today, a break below this level will target 0.9700-0.9800 area. Resistance is at 1.0080, only break above this level could bring price back to 1.0150 area.
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