USDCAD Analysis.
USDCAD bounced from 0.9725, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise could be seen in a couple of days, and target would be at the upper border of the price channel, now at 0.9895. As long as the channel resistance holds, the bounce from 0.9725 is treated as consolidation of downtrend from 1.0009, and one more fall towards 0.9600 is still possible after consolidation. However, a clear break above the channel will indicate that the fall from 1.0009 has completed at 0.9725 already, then further rise towards 1.0009 previous high could be seen.
AUDUSD Analysis.
AUDUSD has formed a cycle top at 1.0764 on 4-hour chart. Deeper decline could be seen in a couple of days, and the first target is at the lower border of the price channel. Resistance is at 1.0764, only break above this level could trigger another rise towards 1.0900.
USDCHF Analysis.
USDCHF bounced from 0.7711, suggesting that a cycle bottom has been formed on 4-hour chart. The bounce is treated as consolidation of downtrend from 0.8240. Further rise could be seen in a couple of days, and target would be at 0.8100 area. Support is at 0.7711, only break below this level could signal resumption of downtrend.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.6453, the price action from 1.6131 is treated as consolidation of downtrend. Resistance is now at 1.6255, as long as this level holds, downtrend could be expected to resume, and another fall towards 1.6000 is still possible. Support is at 1.6131, a breakdown below this level could signal resumption of downtrend.
EURUSD Analysis.
EURUSD’s downward move extended to as low as 1.4136. Resistance is now at 1.4250, as long as this level holds, downtrend could be expected to continue, and next target would be at 1.4000 area.
USDJPY Analysis.
USDJPY moved sideways in a range between 75.96 and 77.69 for several days. Lengthier consolidation in the range could be expected in a couple of days. Key resistance is at 77.69, a break above this level could trigger another rise to 79.00 area. Support is at 75.96, only break below this level could signal resumption of downtrend.
