USDCAD Analysis.
USDCAD breaks below the lower border of the rising price channel on 4-hour chart, suggesting that a short term cycle top is being formed at 1.0691. Range trading between 1.0550 and 1.0691 would more likely be seen in a couple of days. However, the price action from 1.0691 is treated as minor consolidation of uptrend from 1.0224. One more rise to 1.0900 is still possible after consolidation and a break above 1.0691 could signal resumption of uptrend.
EURUSD Analysis.
EURUSD breaks below 1.4029 key support, suggesting that a short term cycle top has been formed at 1.4194 level on 4-hour chart. Fall to 1.3800 is expected in a couple of days. Resistance is at the falling trend line now at 1.4100, as long as this level holds, downtrend from 1.4579 will continue.
AUDUSD Analysis.
AUDUSD stays in a falling price channel and remains in downtrend from 0.9327. Deeper decline is still possible in a couple of days and next target would be at 0.8850 area. Resistance is at the upper border of the channel, only a clear break above this channel resistance could take price back to 0.9050 area.
USDCHF Analysis.
USDCHF breaks above 1.0507 previous high resistance, suggesting that a short term cycle bottom has been formed at 1.0367 level on 4-hour chart and the uptrend from 1.0132 has resumed. Further rally could be seen in a couple of days and next target would be at 1.0600 area. Supports remain at the rising trend line now at 1.0400, as long as this level holds, uptrend could be expected to continue.
GBPUSD Analysis.
GBPUSD moves sideways in a range between 1.6078 and 1.6267. The price action from 1.6078 is more likely consolidation of downtrend from 1.6456. Another fall towards 1.5829 would more likely be seen after consolidation and a breakdown below 1.6078 support will confirm the resumption of downtrend. Resistance is at 1.6267, only break above this level will bring price back towards 1.6500 area.
USDJPY Analysis.
USDJPY remains in downtrend and the bounce from 89.13 is treated as consolidation of downtrend. Resistance remains at the falling trend line from 93.75 to 91.87, as long as the trend line resistance holds, we’d expect downtrend to resumption and one more fall to 88.50 is still possible after consolidation, only rise above the trend line resistance could indicate that the fall from 93.75 has completed.
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