USDCHF Analysis.
USDCHF is forming a cycle bottom at 1.0923 level on 4-hour chart. Sideways movement in a range between 1.0923 and 1.1245 is expected in a couple of days. As long as the trend line support holds, the price action from 1.1245 is treated as consolidation of uptrend from 1.0434, and another rise to 1.1400 is still possible after consolidation, only a clear break below the trend line support could indicate that the rise from 1.0434 has completed.
EURUSD Analysis.
EURUSD’s bounce extends to 1.3093 level only. The subsequent pullback suggests that a cycle top has been formed on 4-hour chart. Sideways movement in a range between 1.2526 and 1.3093 would more likely be seen in a couple of days. As long as the falling trend line resistance holds, another fall towards 1.2329 (Oct 28, 2008 low) is still possible, and a breakdown below 1.2526 could signal resumption of downtrend.
AUDUSD Analysis.
AUDUSD’s bounce extends to as high as 0.9077 level. Further rally to 0.9150 area to reach next cycle top on 4-hour chart is possible in a couple of days. Support is now at 0.8950, as long as this level holds, uptrend from 0.8715 could be expected to continue.
USDCAD Analysis.
USDCAD continues its sharp drop and the fall from 1.0735 extends to as low as 1.0209. Minor consolidation would more likely be seen. Resistance is now at 1.0290, a break above this level could bring price back to 1.0400-1.0450 area.
GBPUSD Analysis.
GBPUSD might be forming a cycle top at 1.5053 level on 4-hour chart. Another fall towards 1.4475 previous low is possible in a couple of days, a breakdown below this level will indicate that the downtrend from 1.5522 has resumed, then next target would be at 1.4000 area.
USDJPY Analysis.
USDJPY’s bounce from 88.25 extends to as high as 93.53 level. Further rally is still possible later today and next target would be at 94.00-94.50 area. Support is at 92.30, below this level will suggest that minor consolidation of uptrend is underway, then deeper decline could be seen to 91.00 zone.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme