GBPUSD Analysis.
GBPUSD continues its sideways movement in a range between 1.6163 and 1.6309. Initial support is at 1.6163, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.5490 (Aug 2 low), and another rise towards 1.6500 is still possible. However, a breakdown below 1.6163 support will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to 1.6050 area to complete the consolidation could be seen.
USDCHF Analysis.
USDCHF’s rise from 0.9239 extended to as high as 0.9390. However, the rise is likely consolidation of the downtrend from 0.9809 (Aug 10 high), one more rise to 0.9400 area to complete the consolidation is possible. Support is at 0.9280, a breakdown below this level could signal resumption of the downtrend.
EURUSD Analysis.
EURUSD’s fall form 1.3171 extends to as low as 1.2886. However, the fall is treated as consolidation of the uptrend from 1.2042 (Jul 24 low), deeper decline to 1.2800 area to complete the consolidation would likely be seen. Resistance is at 1.3050, a break above this level could trigger another rise towards 1.3500.
AUDUSD Analysis.
AUDUSD breaks below 1.0367 support, suggesting that the downtrend from 1.0624 has resumed. Further decline could be expected in a couple of days, and next target would be at 1.0300 area. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend will continue.
USDCAD Analysis.
USDCAD’s rise from 0.9632 extends to as high as 0.9817. Further rise is still possible and the target would be at 0.9900 area. However, the rise is treated as consolidation of the downtrend from 1.0445 (Jun 4 high), a breakdown below 0.9720 support level will signal resumption of the downtrend, then further fall towards 0.9500 could be seen.
USDJPY Analysis.
USDJPY continues its downward movement from 79.21, and the fall extends to as low as 77.66. Further decline is still possible and next target would be at 77.45. Resistance is at 77.95, only break above this level could signal completion of the downtrend.
