USDJPY Analysis.
USDJPY broke below the uptrend line on 4-hour chart, suggesting that a cycle top has been formed at 77.25, and the rise from 76.09 has completed. Deeper decline to re-test 75.85 key support is expected, a breakdown below this level will signal resumption of the longer term downtrend from 85.51.
GBPUSD Analysis.
After breaking below 1.5327 support, GBPUSD bounced from 1.5272, suggesting that a cycle bottom has been formed. Further rise could be seen in a couple of days, and target would be at 1.5650 area.
USDCHF Analysis.
USDCHF may be forming a cycle top at 0.9314 on 4-hour chart. Pullback towards the uptrend line would likely be seen later today. As long as the trend line support holds, the fall is treated as consolidation of uptrend from 0.7711, and another rise towards 0.9500 is possible.
AUDUSD Analysis.
AUDUSD is facing the resistance of the downtrend line on 4-hour chart, as long as the trend line resistance holds, we’d expect downtrend to resume, and another fall towards 0.9300 is possible, only a clear break above the trend line could indicate that lengthier consolidation of downtrend is underway.
EURUSD Analysis.
No changed in our view, EURUSD remains in downtrend from 1.4548, the bounce from 1.3146 is treated as consolidation of downtrend. Key resistance is at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to resume, and another fall towards 1.3000 is still possible after consolidation.
USDCAD Analysis.
USDCAD formed a cycle top at 1.0656 on 4-hour chart. Consolidation of uptrend from 0.9725 is expected in a couple of days, and the trading range would be between 1.0300 and 1.0656.
