USDCHF Analysis.
Being contained by the falling trend line on 4-hour chart, USDCHF pulled back to as low as 0.9621. Key resistance is now at 0.9733, as long as this level holds, downtrend from 1.0066 could be expected to continue and one more fall to 0.9500 area is still possible. However, a break above 0.9733 will indicate that the fall from 1.0066 had completed at 0.9558 already, then the following upward move could bring price back towards 1.0066 previous high.
AUDUSD Analysis.
AUDUSD failed to break off the lower bottom line of the price channel on 4-hour chart and rebounded from 0.9830, suggesting that a cycle bottom has been formed. Further rise towards 1.0027 resistance is expected later today, a break above this level will target 1.0100 area. Key support is now at 0.9830, only fall below this level could indicate that the rise from 0.9537 is complete.
EURUSD Analysis.
EURUSD stays below a downtrend line on 4-hour chart and remains in downtrend from 1.3497. Resistance is at the falling trend line, now at 1.3275, as long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.3000 area.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5910, the bounce from 1.5454 is treated as consolidation of downtrend. Another fall towards 1.5296 (Sep 7 low) key support is still possible, a breakdown below this level will confirm that the long term uptrend from 1.4230 (May 20 low) is complete.
USDJPY Analysis.
USDJPY’s fall extended to as low as 83.56 level. Deeper decline to 83.00 area to reach next cycle bottom on 4-hour chart would likely be seen. Resistance is at 84.49, only break above this level could signal resumption of uptrend, then next target would be at 86.00 zone.
USDCAD Analysis.
USDCAD’s bounce extended to as high as 1.0207 level. Further rise towards 1.0285 resistance is still possible. Support is at 1.0125, as long as this level holds, short term uptrend from 1.0001 could be expected to continue.
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