GBPUSD Analysis.
GBPUSD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise is still possible later today, and the target would be at 1.6230 area. However, the rise is likely correction of the downtrend from 1.6301, another fall is still possible and next target would be at 1.6000 area. Key resistance is at 1.6301, only break above this level could trigger another rise towards 1.6500.
USDJPY Analysis.
USDJPY remains in downtrend from 84.17, the rise from 79.43 is treated as minor consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 79.00 area. Initial resistance is at the upper border of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.
AUDUSD Analysis.
AUDUSD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 1.0021. Now the price action from 1.0021 is treated as consolidation of the downtrend from 1.0474. Range trading between 1.0021 and 1.0170 would likely be seen. Support is at 1.0021, a breakdown below this level could signal resumption of the downtrend.
EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.3283. Resistance is at the trend line, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.2800, only a clear break above the trend line could signal completion of the downtrend.
USDCAD Analysis.
USDCAD broke above 1.0051 key resistance and is now in uptrend from 0.9799, the pullback from 1.0062 is treated as consolidation of the uptrend. Support is at the lower line of the price channel on 4-hour chart, uptrend could be expected to resume after touching the channel support.
USDCHF Analysis.
USDCHF’s upward movement extends to as high as 0.9305. Support is at the trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue, and next target would be at 0.9350 area, only a clear break below the trend line could signal completion of the uptrend.
