USDJPY Analysis.
Being contained by 78.61 support, USDJPY rebounds from 78.68, suggesting that a cycle bottom is being formed on 4-hour chart. Further rally could be expected, and the target would be at 78.50 area. However, the rise would possibly be consolidation of the downtrend from 80.09, another fall to 78.00 is possible after consolidation, and a breakdown below 78.61 support will signal resumption of the downtrend. Key resistance is at 79.50, only break above this level could indicate that the fall from 80.09 is complete.
GBPUSD Analysis.
GBPUSD breaks above the resistance of the downward trend line from 1.5776 to 1.5721, suggesting that the downtrend from 1.5776 has completed at 1.5393 already. Further rise would likely be seen, and next target would be at 1.5750 area. Support is at 1.5550, only break below this level could trigger another fall towards 1.5000.
AUDUSD Analysis.
AUDUSD is facing 1.0328 previous high resistance, a break above this level will indicate that the uptrend from 0.9581 (Jun 1 low) has resumed, then the following upward movement could bring price to 1.0500 area. Key support is at the lower border of the price channel on 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.
EURUSD Analysis.
EURUSD’s rise from 1.2162 extends to as high as 1.2316. Further rally could be expected, and the target would be at the upper border of the price channel on 4-hour chart. As long as the channel resistance holds, the rise is treated as consolidation of the downtrend from 1.2747, and another fall towards 1.2000 could be expected, and a breakdown below 1.2162 will signal resumption of the downtrend.
USDCHF Analysis.
USDCHF’s fall from 0.9872 extends to as low as 0.9751. Further decline would likely be seen, and the target would be at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall is treated as consolidation of the uptrend from 0.9421, uptrend could be expected to resume after touching the channel support, and a break above 0.9872 will confirm resumption of the uptrend.
USDCAD Analysis.
USDCAD is facing 1.0100 support, a breakdown below this level will indicate that the downtrend from 1.0445 has resumed, then further decline towards 1.0000 could be seen. On the upside, as long as 1.0100 support holds, one more rise to 1.0300 to complete to consolidation of the downtrend from 1.0445 is still possible.
