USDJPY Analysis.
USDJPY stays in a falling price channel on 4-hour chart and remains in downward trend. Deeper decline towards 88.01 previous low is still possible later today, however, rebound is expected before breaking below this level. Initial resistance is at 89.15 followed by 89.55, key resistance is at the upper border of the price channel, a clear break above the channel resistance will suggest that the downtrend from 92.32 has completed, then the following uptrend could bring price back to 91.00 or even 92.00.
USDCAD Analysis.
USDCAD’s uptrend from 1.0416 extended further to as high as 1.0731, as long as 1.0614 support holds, we’d expect uptrend to continue and next target would be at 1.0800. However, below 1.0614 will suggest that a short term cycle top is being formed and the uptrend has completed.
USDCHF Analysis.
Being contained by 1.0032 previous low support, USDCHF rebounded from 1.0035. However, the price action from 1.0032 is more likely consolidation of longer term downtrend from 1.1024 (June 24 high), one more fall towards 0.9900 is still possible after consolidation. Support level is located at the rising trend line on 4-hour chart, a clear break below the trend line support could signal resumption of downtrend.
GBPUSD Analysis.
GBPUSD broke blow 1.6515 key support, suggesting that the uptrend from 1.5708 has completed at 1.6875 already. Deeper decline is still possible later today and next target would be at 1.6300-1.6350 area. Initial resistance is at 1.6590, as long as this level holds, downtrend will continue.
AUDUSD Analysis.
AUDUSD is in short term downtrend from 0.9404. Deeper decline is still possible later today and target would be at 0.9000 zone. On the up side, resistance is at 0.9235, above this level will indicate that the fall from 0.9404 has completed, then another rise towards 0.9500 could be seen to follow.
EURUSD Analysis.
EURUSD’s fall from 1.5048 extended further to as low as 1.4801. However, the price action from 1.5062 is more likely consolidation of longer term uptrend from 1.3748 (June 16 low), another rise towards 1.5200 is expected after consolidation. Resistance is now at the falling trend line on 4-hour chart, a clear above the trend line resistance will signal resumption of uptrend.
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