GBPUSD Analysis.
GBPUSD failed to break above 1.5779 resistance, and pulled back from 1.5768 yesterday, suggesting that lengthier sideways movement in a range between 1.5423 and 1.5779 is underway. Deeper decline to 1.5500 area to reach next cycle bottom is expected. Key resistance remains at 1.5779, only break above this level could trigger another rise towards 1.6500.
USDCHF Analysis.
USDCHF is facing 0.9329 resistance, a break above this level will signal resumption of uptrend from 0.8569, then further rise towards 1.0000 could be seen. On the other side, as long as 0.9329 resistance holds, another fall to test 0.9066 key support is still possible.
EURUSD Analysis.
EURUSD’s fall from 1.3546 extended to as low as 1.3288. Further decline towards 1.3212 is still possible later today. However, the fall is more likely correction of uptrend from 1.3212, as long as 1.3212 key support holds, we’d expect uptrend to resume, and another rise towards 1.4500 is possible.
AUDUSD Analysis.
No changed in our view, AUDUSD remains in uptrend from 0.9663, the price action from 1.0327 is treated as consolidation of uptrend. Deeper decline to 1.0000 area to complete the consolidation would likely be seen.
USDCAD Analysis.
USDCAD broke above 1.0222 resistance, suggesting that lengthier consolidation of downtrend from 1.0523 is underway. Range trading between 1.0051 and 1.0300 would likely be seen over the next several days.
USDJPY Analysis.
After touching 77.29 support, USDJPY rebounded strongly from 77.13. Now the fall from 78.27 is likely correction of uptrend from 76.56. Further rise to test 78.27 resistance is expected, a break above this level could bring price to 79.00 area.
