GBPUSD Analysis.
GBPUSD moves sideways in a range between 1.5913 and 1.6178. Another fall to test 1.5913 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.6309, then deeper decline to 1.2800 area could be expected. However, as long as 1.5913 support holds, the fall from 1.6174 would possibly be correction of the uptrend from 1.5913, and another rise towards 1.6309 is still possible. Resistance is at 1.6050, a break above this level will suggest that a cycle bottom is being formed on 4-hour chart, then further rise to re-test 1.6178 resistance could be seen.
USDJPY Analysis.
No changed in our view, USDJPY stays in a upward price channel on 4-hour chart, and remains in uptrend from 77.43. As long as the support of the lower line of the price channel holds, the fall from 80.67 is treated as consolidation of the uptrend, and another rise towards 81.00 could be expected after consolidation. On the downside, a clear break below the channel support will suggest that lengthier consolidation of the uptrend is underway, then deeper decline to 79.00 area could be seen.
EURUSD Analysis.
EURUSD remains in downtrend from 1.3020. Further decline would likely be seen after a minor consolidation and next target would be at 1.2700 area. Resistance is at 1.2850, only break above this level could signal completion of the downtrend.
USDCHF Analysis.
USDCHF remains in uptrend from 0.9276. Further rise could be expected after a minor consolidation, and next target would be at 0.9500 area. Support is at 0.9395, only break below this level could signal completion of the uptrend.
AUDUSD Analysis.
AUDUSD breaks above 1.0418 resistance and continues its upward movement from 1.0236, and the rise extends to as high as 1.0446, suggesting that the uptrend has resumed. Further rise is still possible and next target would be at 1.0500 area. Key support is now located at upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.
USDCAD Analysis.
USDCAD’s downward movement from 1.0019 extends to as low as 0.9910. Deeper decline would likely be seen, and next target would be at 0.9870 area. Resistance is at 0.9975, only break above this level could signal completion of the downward move.
