GBPUSD Analysis.
GBPUSD is facing the resistance of the downtrend line on 4-hour chart, as long as the trend line resistance holds, the rise from 1.5707 is treated as minor consolidation of downtrend, and another fall to 1.5600 is still possible. However, a clear break above the trend line will indicate that a cycle bottom has been formed at 1.5707, then lengthier consolidation of downtrend could be seen.
USDCAD Analysis.
USDCAD continued its downward move from 1.0025 and the fall extended to as low as 0.9829. Deeper decline could be seen later today, and target would be at 0.9750 zone. Resistance is at 0.9900, only break above this level will suggest that the fall from 1.0025 is complete.
AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0764, the rise from 1.0177 is treated as consolidation of downtrend. Resistance is at 1.0400, as long as this level holds, downtrend could be expected to resume, and another fall towards 1.0000 is possible after consolidation.
USDCHF Analysis.
USDCHF is in consolidation of uptrend from 0.7067. Range trading between 0.8540 and 0.8925 would likely be seen in a couple of days. As long as 0.8540 support holds, we’d expect uptrend to resume, and another rise towards 0.9500 is possible after consolidation.
EURUSD Analysis.
EURUSD’s rise from 1.3499 extended to as high as 1.3936, suggesting that the fall from 1.4548 has completed. Further rise is still possible after a minor consolidation, and next target would be at 1.4000 area.
USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 75.96 and 77.85. Now the fall from 77.85 has extended to as low as 76.55. Further decline towards 75.96 previous low could be expected in a couple of days.
