GBPUSD Analysis.
GBPUSD had formed a cycle top at 1.5363 on 4-hour chart. Key support is at the upward trend line, as long as the trend line support holds, the price action from 1.5363 could be treated as consolidation of the uptrend from 1.4831, and another rise towards 1.6000 is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 1.4831 had completed at 1.5363 already, then the following downward movement could bring price to 1.4000 zone.
AUDUSD Analysis.
AUDUSD’s upward movement from 1.0347 extends to as high as 1.0552. Further rise is still possible, and next target would be at 1.0600 area. Support is now at 1.0470, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then pullback to 1.0400 area could be seen.
USDCAD Analysis.
USDCAD stays in a trading range between 1.0105 and 1.0235. The sideways movement in the range could be expected to continue in a couple of days. Key resistance is at 1.0235, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.0341, another fall towards 1.0000 would likely be seen after consolidation, only break above 1.0235 could signal completion of the downtrend.
USDJPY Analysis.
USDJPY remains in uptrend from 92.56, and the rise extends to as high as 99.87. Support is now at 98.35, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0100 area. On the downside, a breakdown below 98.35 support will suggest that a cycle top is being formed on 4-hour chart, and consolidation of the uptrend is underway, then deeper decline to 97.00 area could be seen to follow.
EURUSD Analysis.
EURUSD may be forming a cycle top at 1.3121 on 4-hour chart. Range trading between 1.2950 and 1.3121 would likely be seen in a couple of days. However the fall from 1.3121 would possibly be consolidation of the uptrend from 1.2747, another rise towards 1.3500 is still possible after consolidation, and a break above 1.3121 could signal resumption of the uptrend.
USDCHF Analysis.
USDCHF may be forming a cycle bottom at 0.9295 on 4-hour chart. Range trading between 0.9295 and 0.9400 would likely be seen in a couple of days. However, the rise would possibly be consolidation of the downtrend from 0.9553, another fall towards 0.9100 is still possible after consolidation, and a breakdown below 0.9295 could signal resumption of the downtrend.
