USDCHF Analysis.
USDCHF formed a cycle top at 0.9546 on 4-hour chart. Deeper decline would likely be seen and target would be at the lower border of the price channel. However, the fall from 0.9546 is treated as consolidation of uptrend from 0.8569 (Oct 27 low), another rise towards 1.0000 could be seen after consolidation, and a break above 0.9546 could signal resumption of uptrend.
USDCAD Analysis.
USDCAD remains in uptrend from 1.0051, the price action from 1.0422 is treated as consolidation of uptrend. Another rise could be expected after consolidation, and a break above 1.0422 could signal resumption of uptrend. Key support is now at 1.0297, only break below this level could indicate that the rise from 1.0051 is complete.
AUDUSD Analysis.
AUDUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.0378. As long as the channel resistance holds, downtrend could be expected to resume, and another fall towards 0.9663 is still possible. On the upside, a clear break above the upper border of the channel will indicate that lengthier consolidation of downtrend is underway, then bounce to 1.0100 area could be seen.
GBPUSD Analysis.
GBPUSD formed a cycle bottom at 1.5409 on 4-hour chart. Range trading between 1.5409 and 1.5600 would likely be seen in a couple of days. Downtrend from 1.5779 could be expected to resume after consolidation, a breakdown below 1.5409 could trigger another fall towards 1.5272 (Oct 6 low).
EURUSD Analysis.
EURUSD is 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 failed to break above 78.27 resistance and pulled back from 78.14. Deeper decline would likely be seen in a couple of days, and target would be at 77.00 area. Resistance is now at 78.14, only break above this level could trigger another rise to 79.00 zone.
Comments are closed.