USDJPY Analysis.
USDJPY stays in a trading range between 88.24 and 90.40. As long as 90.40 key resistance holds, the price action from 88.24 is treated as consolidation of downtrend from 97.78 (Aug 7 high) and deeper decline to test 87.12 (Jan 21 low) support is possible after consolidation. However, a break above 90.40 will suggest that the downtrend from 97.78 has completed at 88.24 level already, then the following uptrend will take price to 92.00 or even 94.00.
EURUSD Analysis.
EURUSD breaks above 1.4673 key resistance, suggesting that a short term cycle bottom has been formed at 1.4484 level on 4-hour chart and the downtrend from 1.4843 has completed. Rise towards 1.4843 previous high is expected in a couple of days, a break above this level will indicate that the uptrend from 1.3748 (June 16 low) has resumed, then further rise could be seen to 1.5000-1.5500 area.
GBPUSD Analysis.
GBPUSD continues trading in range between 1.5770 and 1.6125. Moving sideways without trend in the range is expected in a couple of days. As long as 1.6125 resistance holds, the price action from 1.5770 is treated as consolidation of downtrend from 1.6741, deeper decline towards 1.5600 area is still possible after consolidation.
USDCAD Analysis.
USDCAD is testing 1.0671 support, a break below this level will signal deeper decline to 1.0600-1.0630 area. Near term resistance is at 1.0785, only rise above this level will take price back to re-test 1.0991 resistance.
AUDUSD Analysis.
After touching the rising trend line from 0.7703 (July 13 low) to 0.8239, AUDUSD rebounded sharply from 0.8567, suggesting that a short term cycle bottom has been formed on 4-hour chart. Consolidation in a range between 0.8567 and 0.8858 is expected in a couple of day. As long as 0.8567 support holds, we’d expect uptrend to resume and further rise towards 0.9000 could be seen.
USDCHF Analysis.
USDCHF is testing 1.0283 key support, a breakdown below this level will indicate that a short term cycle top has been formed at 1.0452 level on 4-hour chart and the rise from 1.0186 has completed, then deeper decline could be seen to retest 1.0186 previous low support.
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