USDCAD Analysis.
USDCAD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line could indicate that a cycle top has been formed at 1.0422 on 4-hour chart, and the uptrend from 1.0051 has completed, then another fall towards 0.9900 could be seen. On the upside, as long as the trend line support holds, the fall from 1.0422 could possibly be consolidation of uptrend, and one more rise towards 1.0523 is still possible.
AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0378, the rise from 0.9861 is treated as consolidation of downtrend. Resistance is now at the upper line of the downward price channel on 4-hour chart, downtrend could be expected to resume after touching the upper line of the channel.
USDCHF Analysis.
Being contained by the upper border of the price channel on 4-hour chart, USDCHF pulled back from 0.9546, suggesting that a cycle top has been formed. The fall is likely consolidation of uptrend from 0.8569 (Oct 27 low), range trading between 0.9200 and 0.9546 is expected over the next several days. Key support is at the lower border of the channel, only a clear break below the channel support could signal completion of the uptrend.
GBPUSD Analysis.
After touching 1.5423 support, GBPUSD rebounded from 1.5409, suggesting that a cycle bottom has been formed on 4-hour chart. Further rally could be seen later today, and target would be at 1.5600 area. Support is now at 1.5409, only break below this level could signal resumption of the downtrend from 1.5779.
EURUSD Analysis.
EURUSD may be forming a cycle bottom at 1.2946 on 4-hour chart, further rally is possible later today, and target would be at 1.3150 area. However, the rise could possibly be consolidation of the downtrend from 1.3546, another fall towards 1.2500 is still possible after consolidation, and a breakdown below 1.2946 could signal resumption of downtrend.
USDJPY Analysis.
USDJPY’s rise from 77.13 extended to as high as 78.14. further rise to test 78.27 resistance could be seen in a couple of days, a break above this level could signal resumption of uptrend from 76.56.
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