USDCHF Analysis.
USDCHF broke above the upper line of the downward price channel on 4-hour chart last Friday, suggesting that a cycle bottom had been formed at 0.9114, and lengthier consolidation of the downtrend from 0.9594 is underway. Range trading between 0.9114 and 0.9249 would likely be seen in a couple of days. Key resistance is at 0.9350, as long as this level holds, we’d expect downtrend to resume, and one more fall towards 0.8900 is possible after consolidation, only break above 0.9350 could signal completion of the downtrend.
EURUSD Analysis.
EURUSD stays in a narrow trading range between 1.3026 and 1.3233. The price action in the range is treated as consolidation of the uptrend from 1.2624. Deeper decline to 1.2800-1.2900 area to complete the correction would likely be seen over the next several days. Key resistance is at 1.3233, only break above this level could signal resumption of the uptrend.
AUDUSD Analysis.
AUDUSD’s upward movement from 1.0145 extended to as high as 1.0793. Support remains at the lower line of the price channel on 4-hour chart, as long as the channel support holds, uptrend could be expected to continue, and next target would be at 1.0900 area, only a clear break below the channel could signal completion of the uptrend.
USDJPY Analysis.
USDJPY had formed a cycle bottom at 76.02 on 4-hour chart. Further rally would likely be seen in a couple of days, and next target would be at 76.90 area. Support is at 76.02, only break below this level could trigger another fall towards 75.57 previous low.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0318, and the fall extended to as low as 0.9926. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9850 area, only a clear break above the trend line could signal completion of the downtrend.
GBPUSD Analysis.
GBPUSD broke below the upward trend line on 4-hour chart, suggesting that a cycle top has been formed at 1.5882 on 4-hour chart, and lengthier consolidation of uptrend from 1.5236 is underway. Range trading between 1.5700 and 1.5882 would likely be seen in a couple of days.
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