GBPUSD Analysis.
GBPUSD remains in downtrend, the bounce from 1.6105 is treated as consolidation of downtrend. Key resistance is at 1.6301, as long as this level holds, another fall is still possible, and next target would be at 1.6000 area. Only break above 1.6301 could indicate that the downtrend from 1.6745 has completed at 1.6105 already, then the following upward move could bring price back towards 1.6745 previous high.
AUDUSD Analysis.
AUDUSD has formed a cycle bottom at 1.0505 on 4-hour chart. Further rise towards the downtrend line from 1.1011 to 1.0888 is expected later today. As long as the trend line resistance holds, the price action from 1.0505 is treated as consolidation of downtrend from 1.1011, another fall towards 1.0400 is still possible.
EURUSD Analysis.
EURUSD is facing 1.4339 resistance, a break above this level will indicate that the downward move from 1.4939 had completed at 1.4048 already, then the following upward movement could bring price to 1.4500 area. However, downtrend could be expected to resume before breaking above 1.4339 resistance, a breakdown below 1.4190 could trigger another fall towards 1.3800 zone.
USDCHF Analysis.
USDCHF’s downward move extended to as low as 0.8765. Deeper decline is still possible later today, and next target would be at 0.8650-0.8700 area. Key resistance is at 0.8945, only break above this level could trigger another rise towards 0.9000 zone.
USDJPY Analysis.
No changed in our view, USDJPY remains in uptrend. As long as the trend line support holds, further rise is still possible in a couple of days, and next target would be at 83.00 area, only a clear break below the trend line will indicate that the uptrend from 79.58 is complete.
USDCAD Analysis.
USDCAD is in short term downtrend from 0.9793. Deeper decline towards the lower border of the price channel on 4-hour chart would likely be seen. Resistance is at 0.9793, only break above this level could trigger another rise to 0.9850 zone.
