EURUSD Analysis.
EURUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.3711, the price action from 1.2966 is likely consolidation of the downtrend. Key resistance is located at he upper line of the channel, as long as the channel resistance holds, we’d expect downtrend to resume, and another fall to 1.2900 area is possible. On the other side, a clear break above the channel resistance will suggest that a cycle bottom has been formed at 1.2966, and the downward movement from 1.3711 has completed.
USDCAD Analysis.
USDCAD breaks below the upward trend line on 4-hour chart, suggesting that lengthier consolidation of the uptrend from 0.9932 is underway. Deeper decline would likely be seen, and the target would be at 1.0225 area. Key resistance is at 1.0341, only break above this level could trigger another rise to 1.0400 zone.
AUDUSD Analysis.
AUDUSD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.0373, the rise from 1.0115 could be treated as consolidation of the downtrend. As long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.0000 area is still possible, only a clear break above the channel resistance could signal completion of the downtrend.
USDCHF Analysis.
USDCHF remains in uptrend from 0.9021, the fall from 0.9462 is treated as consolidation of the uptrend. Range trading between 0.9350 and 0.9462 would likely be seen in a couple of days. Key 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.
USDJPY Analysis.
USDJPY stays in a trading range between 90.93 and 94.54. The price action in the range is likely consolidation of the uptrend from 77.14. Resistance is at 94.54, a break above this level will signal resumption of the uptrend, then further rise towards 100.00 could be seen. However, as long as 94.54 resistance holds, one more fall to 90.00 area to complete the consolidation is still possible.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5878, the rise from 1.4986 is treated as consolidation of the downtrend. Range trading between 1.4986 and 1.5250 would likely be seen in a couple of days. As long as 1.5250 resistance holds, the downtrend could be expected to resume, and another fall to 1.4900 area is still possible.
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