EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.4246 (Oct 27 high), the price action from 1.2946 is likely consolidation of the downtrend. As long as the trend line resistance holds, we’d expect downtrend to resume, and another fall towards 1.2500 is still possible. Initial support is at 1.2946, a breakdown below this level could signal resumption of downtrend.
USDCHF Analysis.
USDCHF has reached the lower border of the price channel on 4-hour chart, a clear break below the channel support will indicate that the upward movement from 0.8569 has completed at 0.9546 already, then the following downward move could bring price back to 0.8700-0.8800 area. As long as the channel support hold the fall from 0.9546 is treated as consolidation of uptrend, and another rise towards 1.0000 is still possible.
AUDUSD Analysis.
AUDUSD might be forming a cycle top at 1.0218 on 4-hour chart. Key support is now at 1.0050, a breakdown below this level will indicate that the rise from 0.9861 has completed, then another fall towards 0.9663 could be seen to follow. On the upside, as long as 1.0050 support holds, the price action from 1.0218 could possibly be consolidation of uptrend, one more rise towards 1.0378 is still possible.
USDCAD Analysis.
USDCAD’s downward movement from 1.0422 extended to as low as 1.0176. Resistance is now at 1.0230, as long as this level holds, downtrend will continue, and next target would be at 1.0100 area. On the upside, a break above 1.0230 will suggest that a cycle bottom is being formed on 4-hour chart, then another rise towards 1.0523 could be seen to follow.
GBPUSD Analysis.
Being contained by the upper line of the price channel on 4-hour chart, GBPUSD pulled back from 1.5773, suggesting that a cycle top had been formed on 4-hour chart. Further decline could be expected in a couple of days, and target would be at the lower border of the channel.
USDJPY Analysis.
USDJPY is in uptrend from 77.13. Another rise to test 78.27 key resistance is still possible, a break above this level will signal resumption of longer term uptrend from 76.56, then further rise to 79.00 area could be seen. Support is now at the upward trend line on 4-hour, as long as the trend line support holds, uptrend will continue.
