GBPUSD Analysis.
GBPUSD stays below a downtrend line on 4-hour chart, and remains in downtrend from 1.6453, and the fall extended to as low as 1.5912. As long as the trend line resistance holds, downtrend could be expected to continue, and one more fall to 1.5850 area is still possible. On the other side, a clear break above the trend line will indicate that a cycle bottom has been formed at 1.5912 and the fall from 1.6453 has completed.
AUDUSD Analysis.
AUDUSD formed a cycle bottom at 1.0481 on 4-hour chart. Another rise to test 1.0764 resistance would likely be seen later today, a break above this level could signal resumption of uptrend from 0.9927, then next target would be at 1.0900 area. Key support is at 1.0481, only break below this level could indicate that the uptrend from 0.9927 had completed at 1.0764 already.
USDCAD Analysis.
USDCAD is now in downtrend from 0.9961, the rise from 0.9828 is treated as consolidation of downtrend. Another fall towards 0.9725 could be expected, and a breakdown below 0.9828 will signal resumption of downtrend. Key resistance is at 0.9961, only break above this level could trigger another rise towards 1.0300.
USDCHF Analysis.
USDCHF’s upward movement extended to as high as 0.8768. Further rise is still possible later today, and next target would be at 0.8900-0.9000 area. Key support is at 0.8540, only break below this level could indicate that the rise from 0.7711 is complete.
EURUSD Analysis.
EURUSD continued its downward move from 1.4548, and the fall extended to as low as 1.3872. Further fall to test 1.3837 (Jul 12 low) support is expected after a minor consolidation. Resistance is now at 1.4050, only break above this level could indicate that the fall from 1.4548 is complete.
USDJPY Analysis.
Being contained by 77.69 resistance, USDJPY pulled back from 77.72, suggesting that a cycle top is being formed on 4-hour chart. Key support is now at 77.00, a break below this level will confirm the cycle top, then lengthier sideways movement in a range between 75.96 and 77.72 could be seen to follow. However, as long as 77.00 support holds, the fall from 77.72 could be treated as consolidation of uptrend, and another rise towards 79.00 is still possible after consolidation.
