EURUSD Analysis.
EURUSD breaks above the resistance of the upper line of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 1.2042, and the fall from 1.2747 (Jun 18 high) has completed. Further rally could be expected over the next several days, and the target would be at 1.2400-1.2500 area. Key support is at 1.2042, only break below this level could trigger another fall towards 1.1876 (2010 low).
AUDUSD Analysis.
AUDUSD is facing 1.0443 resistance, a break above this level will confirm that the uptrend from 0.9581 (Jun 1 low) has resumed, then further rise towards 1.0600 could be seen. Key support remains at the lower line of the price channel on 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.
USDCAD Analysis.
USDCAD breaks below 1.0065 previous low support, suggesting that the downtrend from 1.0445 (Jun 4 high) has resumed. Further decline could be expected over the next several days, and next target would be at 1.0000 area. Resistance is at 1.0140, only break above this level could indicate that lengthier consolidation of the downtrend is underway.
USDCHF Analysis.
USDCHF breaks below the lower line of the price channel on 4-hour chart, suggesting that the uptrend from 0.9421 (Jun 18 low) has completed at 0.9971 already. Further decline could be expected over the next several days, and the target would be at 0.9500-0.9600 area. Key resistance is now at 0.9971, only break above this level could trigger another rise towards 1.0100.
USDJPY Analysis.
No changed in our view, USDJPY remains in downtrend from 80.09, the price action from 77.94 is likely consolidation of the downtrend. Another fall to test 77.66 (Jun 1 low) support could be expected after consolidation.
GBPUSD Analysis.
GBPUSD failed to break below 1.5393 support and rebounded strongly from 1.5458, suggesting that a cycle bottom has been formed on 4-hour chart. The pair is now facing 1.5735 resistance, a break above this level could signal resumption of the uptrend from 1.5393, then the target would be at 1.6000 zone.
