USDJPY Analysis.
USDJPY continues its sideways movement in a narrow range between 79.11 and 79.78. As long as 79.11 support holds, the price action in the range is treated as consolidation of the short term uptrend from 77.66, and one more rise to test 80.61 key resistance is still possible. On the other side, a breakdown below 79.11 will indicate that a cycle top has been formed at 79.78 on 4-hour chart, then deeper decline to 78.00-78.50 area could be seen.
AUDUSD Analysis.
AUDUSD stays in a trading range between 0.9820 and 1.0007. Support is at 0.9820, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 0.9581, another rise could be expected after consolidation, and next target would be at 1.0100 area. However, a breakdown below 0.9820 will suggest that lengthier consolidation of the uptrend is underway, then deeper decline to 0.9700 area could be seen.
EURUSD Analysis.
EURUSD is in short term uptrend from 1.2288. Key support is at 1.2410, as long as this level holds, uptrend could be expected to continue, and next target would be at 1.2800 area. On the other side, a breakdown below 1.2410 will indicate that the longer term downtrend from 1.3283 has resumed, then another fall towards 1.2000 could be expected.
USDCHF Analysis.
No changed in our view, USDCHF remains in downtrend from 0.9769, the rise from 0.9478 is treated as correction of the downtrend. Another fall could be expected after correction, and the target would be at 0.9200 area. Key resistance is at 0.9769, only break above this level could trigger another rise towards 1.0000.
USDCAD Analysis.
USDCAD remains in downtrend from 1.0445, the rise from 1.0200 is likely correction of the downtrend. Another fall is still possible after correction, and next target would be at 1.0100 area. Resistance levels are at 1.0325 and 1.0355.
GBPUSD Analysis.
GBPUSD traded in a range between 1.5403 and 1.5600 for several days. The price action in the range is likely consolidation of the short term uptrend from 1.5268, and further rise to 1.5800 is still possible after consolidation. On the downside, a breakdown below 1.5403 will indicate that he downtrend from 1.6301 has resumed, then further decline towards 1.5000 could be seen.
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