USDCHF Analysis.
USDCHF’s bounce from 0.9088 extended to as high as 0.9228. Further rise to test 0.9262 key resistance is expected later today, a break above this level will indicate that the downtrend from 0.9594 had completed at 0.9088 already, then the following upward movement could bring price back towards 0.9594 previous high. However, as long as 0.9262 resistance holds, the price action in the range between 0.9088 and 0.9262 is treated as consolidation of downtrend from 0.9594, and one more fall to 0.9000 is still possible.
USDCAD Analysis.
USDCAD may be forming a cycle top at 1.0038 on 4-hour chart. Range trading between 0.9925 and 1.0038 would likely be seen in a couple of days. As long as 1.0038 resistance holds, the sideways move in the range is treated as consolidation of downtrend from 1.0318, and one more fall to 0.9800 is still possible. Key resistance is at 1.0038, a break above this level will confirm that the downtrend from 1.0318 had competed at 0.9925 already, then further rally to 1.0400 area could be seen.
EURUSD Analysis.
EURUSD stays in a trading range between 1.3026 and 1.3320. As long as 1.3026 support holds,the price action in the range is treated as consolidation of uptrend from 1.2624, and one more rise towards 1.3500 is still possible after consolidation. However, a breakdown below 1.3026 will indicate that the uptrend from 1.2624 had completed at 1.3320 already, then deeper decline towards 1.2624 previous low could be seen.
AUDUSD Analysis.
AUDUSD is in downtrend from 1.0844. Deeper decline to 1.0500 area is still possible in a couple of days. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.
USDJPY Analysis.
USDJPY continues its upward movement from 76.02, and the rise extends to as high as 78.65. Further rise is still possible after a minor consolidation, and next target would be at 79.00 area. Support is at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.
GBPUSD Analysis.
GBPUSD’s downward movement extends to as low 1.5645. Resistance remains 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 1.5600 area.
