USDJPY Analysis.
USDJPY formed a cycle bottom at 78.46 on 4-hour chart. Range trading between 78.46 and 79.58 is expected in a couple of days. The price action in the range could be treated as consolidation of downtrend from 81.47, as long as 79.58 resistance holds, one more fall to 77.50 area is still possible. However, a break above 79.58 will suggest that the longer term downtrend from 85.51 has completed at 78.46 already, then the following upward move could bring price to 83.00 zone.
EURUSD Analysis.
EURUSD is in uptrend from 1.3837, the fall from 1.4281 is likely correction of uptrend. Key support is at 1.3837, as long as this level holds, we’d expect uptrend to resume, and another rise to 1.4600 is still possible.
GBPUSD Analysis.
GBPUSD has formed a cycle top at 1.6193. Consolidation of uptrend from 1.5781 could be seen in a couple of days. Support is now at 1.5935, as long as this level holds, uptrend could be expected to resume, and another rise to 1.6500 area is still possible.
USDCHF Analysis.
USDCHF traded in a narrow range between 0.8082 and 0.8198. The price action in the range is treated as consolidation of downtrend from 0.8525, another fall to 0.8000 is still possible after consolidation. Resistance is at 0.8198 followed by 0.8250, only break above these levels could indicate that the fall from 0.8525 is complete.
AUDUSD Analysis.
AUDUSD stays in a trading range between 1.0525 and 1.0798. The price action in the range is treated as consolidation of uptrend from 1.0525, as long as 1.0525 support holds, another rise towards 1.1011 previous high is possible.
USDCAD Analysis.
USDCAD has formed a cycle bottom at 0.9519 on 4-hour chart. Now the bounce from 0.9519 is treated as consolidation of downtrend from 0.9777, another fall towards 0.9444 is possible after consolidation, and a breakdown below 0.9519 will signal resumption of downtrend.
