USDCAD Analysis.
Being contained by 0.9639 support, USDCAD rebounded strongly from 0.9655, suggesting that a cycle bottom has been formed on 4-hour chart. Now the rise from 0.9655 would possibly be resumption of uptrend from 0.9444. Further rise towards 0.9816 could be seen later today, a break above this level could signal resumption of uptrend, then next target would be at 0.9900 area. Key support is now at 0.9655, only break below this level could indicate that the upward move from 0.9444 is complete.
AUDUSD Analysis.
AUDUSD has formed a cycle top at 1.0756 on 4-hour chart. Further fall towards 1.0440 would likely be seen in next several days, a breakdown below this level will confirm that the downtrend 1.1011 has resumed, then next target would be at 1.0000 zone.
GBPUSD Analysis.
GBPUSD has formed a cycle top at 1.6546 on 4-hour chart. Deeper decline is still possible later today, and target would be at 1.6200 area. However, the fall from 1.6546 is likely consolidation of uptrend from 1.6059, one more rise towards 1.6745 previous high is still possible after consolidation.
USDCHF Analysis.
After a minor consolidation, USDCHF continued its downward movement from 0.8945, and reached as low as 0.8382. Further fall is still possible in a couple of days, and next target would be at 0.8300. Resistance is at 0.8546, only break above this level will indicate that the fall from 0.8945 is complete.
EURUSD Analysis.
EURUSD may be forming a cycle top at 1.4458 on 4-hour chart. Key support is at 1.4255, a breakdown below this level will confirm that cycle top and indicate that the uptrend from 1.3969 has completed at 1.4458 already, then the following downward move could bring price back to test 1.3969 support.
USDJPY Analysis.
USDJPY’s bounce from 80.70 reached 81.76 only, the subsequent fall would possibly be resumption of downtrend from 82.22. Further fall to test 79.58 support would likely be seen in a couple of days. Resistance is at 81.76, only break above this level could trigger another rise towards 83.00.
