USDCAD Analysis.
USDCAD’s fall from 0.9816 extended to as low as 0.9655. Deeper decline to test 0.9639 key support could be seen later today, a breakdown below this level will indicate that the uptrend from 0.9444 had completed at 0.9816 already, then the following downward move could bring price back towards 0.9444 previous low. However, as long as 0.9639 support holds, the price action from 0.9816 is treated as consolidation of uptrend, another rise towards 1.0000 is still possible after consolidation.
AUDUSD Analysis.
Being contained by the upper border of the price channel on 4-hour chart, AUDUSD pulled back from 1.0756, suggesting that a cycle top is being formed. Now the fall from 1.0756 would possibly be resumption of downtrend from 1.1011, deeper decline towards 1.0440 is expected in a couple of days. Resistance is at 1.0756, only break above this level could trigger another rise to 0.8000-0.8500 area.
GBPUSD Analysis.
GBPUSD broke below 1.6445 support, suggesting that a cycle top has been formed at 1.6546 on 4-hour chart, and the rise from 1.6059 has completed. Pullback to 1.6300 area to reach next cycle bottom would likely be seen in next several days. Resistance is at 1.6546, only break above this level could trigger another rise towards 1.6745 previous high.
USDCHF Analysis.
USDCHF remains in downtrend from 1.8945, the bounce from 0.8465 is treated as consolidation of downtrend. Another fall towards 0.8350 is possible after consolidation, and a breakdown below 0.8465 could signal resumption of downtrend.
EURUSD Analysis.
EURUSD’s upward movement from 1.3969 extended to as high as 1.4436. Support is now at 1.4300, as long as this level holds, uptrend could be expected to continue, and next target would be at 1.4500 area. On the downside, a breakdown below 1.4300 will indicate that the upward move has completed, then the following downward move could bring price back to 1.3500 area.
USDJPY Analysis.
An unexpected bounce had brought price to as high as 81.76, suggesting that a cycle bottom had been formed at 80.70 on 4-hour chart. Range trading between 80.70 and 82.22 would likely be seen in a couple of days.
