USDCAD Analysis.
USDCAD’s upward movement from 0.9632 extends to as high as 0.9884. Support is now located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at the upper line of the channel. On the downside, a clear break below the channel support will suggest that the upward movement has completed, then further decline towards 0.9632 previous low could be seen.
USDCHF Analysis.
USDCHF breaks below the upward trend line on 4-hour chart, suggesting that the rise from 0.9239 has completed at 0.9437. The fall from 0.9437 is likely resumption of the longer term downtrend from 0.9971 (Jul 24 high). Further decline could be expected over the next several days, and the first target would be at 0.9239 previous low. Resistance is at 0.9437, only break above this level could trigger another rise to 0.9500 area.
GBPUSD Analysis.
GBPUSD’s downward movement from 1.6309 extends to as low as 1.6066. Resistance is at 1.6130, as long as this level holds, deeper decline is still possible, and next target would be at 1.6000 area. On the upside, a break above 1.6130 resistance will indicate that a cycle bottom is being formed on 4-hour chart, then further rise towards 1.6309 previous high could be expected.
EURUSD Analysis.
EURUSD breaks above the downward trend line on 4-hour chart, suggesting that the downward movement from 1.3171 has completed at 1.2803. Further rise could be expected over the next several days, and the target is at 1.3171 previous high. Support is at 1.2803, only break below this level could trigger another fall to 1.2700 area.
AUDUSD Analysis.
AUDUSD is facing 1.0167 support, consolidation would likely be seen before breaking below this level, and the trading range would be between 1.0167 and 1.0300. Key resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.
USDJPY Analysis.
USDJPY continues its upward movement from 77.43, and the rise extends to as high as 78.58. Further rise is still possible after a minor consolidation, and next target would be at 79.00 area. Support is at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.
