EURUSD Analysis.
EURUSD’s bounce from 1.2288 extends to as high as 1.2585. Another rise to test 1.2670 key resistance would likely be seen later today, as long as this level holds, the price action from 1.2288 could be treated as consolidation of the downtrend from 1.3283, and another fall towards 1.2000 is still possible after consolidation. On the upside, a break above 1.2670 will indicate that the downward movement from 1..3283 has completed at 1.2288 already, the the following upward movement could bring price back to 1.3000 zone.
USDCHF Analysis.
USDCHF continues its downward movement from 0.9769, and the fall extends to as low as 0.9514. Another fall to test 0.9500 support would likely be seen later today, a breakdown below this level will signal completion of the uptrend from 0.9043. However, as long as 0.9500 support holds, the price action from 0.9769 is treated as consolidation of the uptrend, and another rise towards 1.0000 is still possible after consolidation.
AUDUSD Analysis.
AUDUSD may be forming a cycle top at 1.0002 on 4-hour chart. The fall is now treated as consolidation of the uptrend from 0.9581. Pullback to 0.9750 area to complete to consolidation would likely be seen over the next several trading days.
USDCAD Analysis.
USDCAD is now in downtrend from 1.0445, the rise from 1.0210 is treated as minor consolidation of the downtrend. Another fall would likely be seen after consolidation, and next target would be at 1.0100 area. Resistance is at 1.0325, only break above this level could indicate that lengthier consolidation of the downtrend is underway.
USDJPY Analysis.
USDJPY’s rise from 77.66 extends to as high as 79.78. Key resistance is at 80.61, as long as this level holds, the rise is treated as consolidation of the downtrend from 84.17 (Mar 15 high), and another fall could be expected after consolidation, only break above 80.61 could signal completion of the downtrend.
GBPUSD Analysis.
After touching 1.5600 key resistance, GBPUSD pulls back to 1.5488, suggesting that a cycle top is being formed on 4-hour chart. Further decline would likely be seen later today, and the target would be at 1.5400 area. Resistance remains at 1.5600, only break above this level could signal completion of the downtrend from 1.6301.
