EURUSD Analysis.
Being contained by 1.5062 previous high resistance, EURUSD pulled back from 1.5019, suggesting that a minor consolidation of uptrend from 1.4626 is on the way. Another fall towards the lower border of the rising price channel is possible later today. However, as long as the channel support holds, we’d expect uptrend to resume and further rise towards 1.5200 could be seen after consolidation. Key resistance is at 1.5062, above this level will confirm the resumption of long term uptrend from 1.3748 (June 16 low).
GBPUSD Analysis.
After breaking above 1.6741 (Sept 11 high) resistance, GBPUSD pulled back from 1.6841, suggesting that a short term cycle top is being formed on 4-hour chart. Minor consolidation would more likely be seen in a couple of days and another fall to 1.6500-1.6550 area is expected. Resistance level is at 1.6841, above this level will signal further rally towards 1.7042 (Aug 5 high).
USDCAD Analysis.
USDCAD dropped sharply to as low as 1.0479 level. Deeper decline is still possible later today and next target would be at 1.4000 zone. Key resistance is now located at 1.0606, as long as this level holds, downtrend will continue, however a break above this level will indicate that a short term cycle bottom has been formed, then another rise towards 1.1000 could be seen to follow.
USDJPY Analysis.
USDJPY is testing 89.44 support, a break below this level will signal another fall towards 88.83 support. Resistance is now at 90.26, only rise above this level could take price back to range trading between 89.44 and 91.26.
USDCHF Analysis.
Being contained by 1.0032 support, USDCHF formed a narrow trading range above 1.0050. Minor consolidation of downtrend from 1.0338 would more likely be seen in a couple of days and rebound towards the upper border of falling price channel on 4-hour chart is expected. Key support is now at 1.0032, a breakdown below this level will confirm that the downtrend from 1.1021 (June 24 high) has resumed, then deeper decline could be seen to 0.9900 zone.
AUDUSD Analysis.
AUDUSD is testing previous high resistance at 0.9326. Minor consolidation would more likely be seen before breaking above this level, and pullback to 0.9200-0.9250 is expected. However, a break above 0.9326 will confirm that the longer term uptrend from 0.7703 (July 13 low) has resumed, then another rise towards 0.9500 could be seen.
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