GBPUSD Analysis.
GBPUSD’s downward movement from 1.5717 extends to as low as 1.5429. Deeper decline is still possible, and the target would be at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.5717 could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), one more rise towards 1.6000 is still possible after consolidation. On the other side, a clear break below the channel support will indicate that the uptrend from 1.4813 had completed at 1.5717 already, then the following downward movement could bring price to 1.5000 zone.
EURUSD Analysis.
EURUSD moves sideways in a range between 1.3298 and 1.3451. Initial support is at 1.3298, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 1.3206, one more rise to 1.3500 would likely be seen after consolidation. On the downside, a breakdown below 1.3298 support will indicate that lengthier consolidation of the longer term uptrend from 1.2756 is underway, then the pair will find support around 1.3230.
USDCHF Analysis.
USDCHF failed to break below 0.9147 support and stays in a trading range between 0.9147 and 0.9289. Resistance is at 0.9289, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 0.9396, and one more fall to 0.9000 area is still possible. On the upside, a break above 0.9289 resistance will suggest that lengthier consolidation of the longer term downtrend from 0.9751 is underway, then further rise to 0.9350 area could be seen.
USDJPY Analysis.
USDJPY is facing 98.00 resistance, a break above this level will signal resumption of the uptrend from 95.81, then another rise towards 102.00 could be seen. On the downside, as low as 98.00 resistance holds, the downtrend from 99.14 could be expected to continue, and the target would be at 95.00 area.
AUDUSD Analysis.
AUDUSD continues its sideways movement in a range between 0.8847 and 0.9317. Key resistance is at 0.9317, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), one more fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9317 resistance will indicate that the downtrend from 1.0582 had completed at 0.8847 already, then the following upward movement could bring price to 1.0000 zone.
USDCAD Analysis.
USDCAD is testing 1.0450 support, a breakdown below this level will suggest that the upward movement from 1.0275 had completed at 1.0568 already, then the following downward movement could bring price back to 1.0200 area. On the upside, as long as 1.0450 support holds, the uptrend from 1.0275 could be expected to resume, and one more rise to 1.0700 area is still possible.
