GBPUSD Analysis.
GBPUSD failed to break above the downtrend line on 4-hour chart, and continues its downward movement from 1.6453. Further fall could be expected in a couple of days, and next target would be at 1.5600 area. Key resistance is now at 1.5868, only break above this level could indicate that the fall from 1.6453 is complete.
USDCAD Analysis.
USDCAD may be forming a cycle bottom at 0.9779 on 4-hour chart. Key resistance is at 0.9900, a break above this level will confirm the cycle bottom, then further rise to test 1.0025 resistance could be seen.
AUDUSD Analysis.
AUDUSD has formed a cycle top at 1.0398 on 4-hour chart. Deeper decline to test 1.0177 support could be seen later today, a breakdown below this level will target 1.0050 area. Key resistance is now at 1.0398, only break above this level could indicate that the fall from 1.0764 is complete.
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 a break above 0.8925 could signal resumption of uptrend.
EURUSD Analysis.
EURUSD has formed a cycle top at 1.3936 on 4-hour chart. Rang trading between 1.3499 and 1.3936 would likely be seen in a couple of days. Key support is at 1.3499, only break below this level could signal resumption of downtrend.
USDJPY Analysis.
USDJPY is in short term downtrend from 77.85, the rise from 76.55 is treated as consolidation of downtrend. Another fall to test 75.96 previous low support is still possible after consolidation, a breakdown below this level will signal resumption of the long term downtrend from 124.16 (2007 high).
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