USDCAD Analysis.
USDCAD stays in a trading range between 1.0416 and 1.0617. The price action from 1.0416 is more likely consolidation of downward trend from 1.0852. Another rise to test the upper border of the rising price channel on 4-hour chart is possible later today, as long as the channel resistance holds, downtrend is expected to resume and one more fall towards 1.0206 previous low could be seen. However, a clear break above the channel resistance will indicate that the fall from 1.0852 has completed at 1.0416 already, then the following uptrend could take price to re-test 1.0852 resistance.
USDCHF Analysis.
USDCHF might be forming a short term cycle top at 1.0208 level on 4-hour chart, key support is located at 1.0035, a break below this level will confirm the cycle top and signal resumption of longer term downtrend from 1.1021 (June 24 high).
GBPUSD Analysis.
GBPUSD dropped from 1.6875, suggesting that the short term uptrend from 1.6515 has completed and lengthier consolidation of uptrend from 1.5708 is underway. Deeper decline to 1.6550-1.6600 area is still possible later today. However, rebound would more likely be seen before breaking below 1.6515 support and one more rise towards 1.6950-1.7000 is still in favor after consolidation.
AUDUSD Analysis.
AUDUSD stays in a trading range between 0.9210 and 0.9404. Sideways movement in the range is expected to continue, further rally towards 0.9500 is still possible after consolidation and a break above 0.9404 could signal resumption of uptrend. However, below 0.9210 will indicate that the rise from 0.8916 has completed at 0.9404 already, then the following pullback could bring price back to 0.9100-0.9150 area.
EURUSD Analysis.
EURUSD trades in a range between 1.4808 and 1.5048 and the price action from 1.5048 is more likely consolidation of uptrend from 1.4626. Another rise towards 1.5200 is expected after consolidation and a break above 1.5048 will signal resumption of uptrend.
USDJPY Analysis.
USDJPY might be forming a short term cycle bottom at 88.73 level on 4-hour chart. Further rebound towards the falling trend line from 91.26 to 90.60 would more likely be seen later today, a clear break above the trend line resistance will confirm the cycle bottom and indicate that the fall from 92.32 has completed. However, below 88.73 will suggest resumption of downtrend, then another fall could be seen to 88.40 zone.
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