USDCHF Analysis.
USDCHF is facing 0.8275 previous low support, a breakdown below this level will indicate that the longer term downtrend from 0.9774 (Feb 11 high) has resumed, then further fall towards 0.8000 could be seen. Initial resistance is at 0.8400, above this level will indicate that lengthier consolidation of the downtrend is underway, and delay the resumption of downtrend.
EURUSD Analysis.
EURUSD broke below 1.3969 support and reached as low as 1.3837. Now the pair is forming a cycle bottom on 4-hour chart. Range trading between 1.3837 and 1.4100 would likely be seen in a couple of days.
AUDUSD Analysis.
AUDUSD is forming a cycle bottom at 1.0525 on 4-hour chart. Another rise towards 1.1011 previous high would likely be seen in next several days, however, a break above 1.0789 is needed to confirm the resumption of uptrend.
USDJPY Analysis.
USDJPY’s downward movement from 81.47 extended to as low as 78.52, the subsequent bounce suggests that a cycle bottom is being formed on 4-hour chart. Consolidation in a range between 78.52 and 80.00 would likely be seen in a couple of days.
GBPUSD Analysis.
GBPUSD has formed a cycle bottom at 1.5781 on 4-hour chart. Further rally would likely be seen, and target would be at 1.6050 area. However, the rise from 1.5781 is treated as consolidation of downtrend from 1.6546, another fall is still possible after consolidation.
USDCAD Analysis.
USDCAD has formed a cycle top at 0.9777 on 4-hour chart, another fall towards 0.9444 previous low could be seen in next several days. Support is now at 0.9567, a breakdown below this level will signal resumption of downtrend.
