EURUSD Analysis.
EURUSD breaks below the support of the lower line of the price channel on 4-hour chart, suggesting that consolidation of the uptrend from 1.2756 is underway. Range trading between 1.3100 and 1.3344 would likely be seen over the next several days. Key support is at 1.3100, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.3600 is still possible after consolidation.
USDCHF Analysis.
USDCHF breaks above the upper line of the price channel on 4-hour chart, suggesting that consolidation of the downtrend from 0.9751 is underway. Range trading between 0.9228 and 0.9450 would likely be seen over the next several days. As long as 0.9450 resistance holds, the downtrend could be expected to resume, and another fall towards 0.9000 is still possible.
USDCAD Analysis.
USDCAD breaks above 1.0335 resistance, suggesting that consolidation of the downtrend from 1.0608 is underway. Range trading between 1.0245 and 1.0400 would likely be seen over the next several days. Resistance is at 1.0400, as long as this level holds, the downtrend could be expected to resume, and one more fall to 1.0150 area is still possible.
AUDUSD Analysis.
AUDUSD’s downward movement from 0.9317 extends to as low as 0.8888. Further decline could be expected, and next target would be at 0.8800 area. Resistance is at 0.9060, as long as this level holds, the downtrend will continue.
USDJPY Analysis.
USDJPY bounces strongly from 97.58 and reaches as high as 99.69, suggesting that the downward movement from 101.53 has completed. Further rise could be expected, and next target would be at 100.70 area. Support levels are at 98.50 and 97.58.
GBPUSD Analysis.
GBPUSD’s downward movement from 1.5433 extends to as low as 1.5102. Deeper decline is still possible, and next target would be at 1.5050 area. Resistance is at 1.5255, only break above this level could signal completion of the downtrend.
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