EURUSD Analysis.
EURUSD continues its bullish movement from 1.2643 and reached as high as 1.4029, and the subsequent pullback is treated as consolidation of uptrend. Support remains at the rising uptrend line on 4-hour chart, now at 1.3803, uptrend is expected to resume after touching the trend line support. However, a clear break below the trend line support will indicate that lengthier consolidation of uptrend is underway, then deeper decline to test 1.3637 key support could be seen.
GBPUSD Analysis.
GBPUSD broke above 1.5997 (Aug 6 high) and reached as high as 1.6017 level. Support is at the lower border of the rising price channel on 4-hour chart, now at 1.5800, as long as the channel support holds, uptrend is expected to continue and next target would be at 1.6100 area. However, a clear break below the channel support will indicate that consolidation of uptrend from 1.5296 is underway, then deeper decline to test 1.5669 could be seen.
AUDUSD Analysis.
AUDUSD stays above a rising trend line from 0.8860 to 0.9541 and remains in uptrend from 0.8771. As long as the trend line support holds, uptrend is expected to continue and next target would be at 1.0000 area.
USDCHF Analysis.
USDCHF’s downward movement from 1.1730 (Jun 1 high) extended to as low as 0.9555. Further fall to 0.9400-0.9450 could be seen after a minor consolidation. Resistance is at 0.9750, as long as this level holds, downtrend will continue.
USDCAD Analysis.
Being supported by the trend line from 1.0138 (Jun 21 low) to 1.0107 (Aug 5 low), USDCAD rebounded from 1.0062 and formed a cycle bottom on 4-hour chart. Range trading between 1.0062 and 1.0250 would more likely be seen in a couple of days.
USDJPY Analysis.
USDJPY runs in a falling price channel on 4-hour chart and remains in downtrend from 85.92, and the fall extended to the lower border of the channel. Minor consolidation is expected later today and deeper decline to 81.50 could be seen after consolidation.
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