EURUSD Analysis.

 

EURUSD may be forming a cycle top at 1.3125 on 4-hour chart. Range trading between 1.3000 and 1.3125 would likely be seen in a couple of days. Support is now located at the lower line of the price channel, as long as the channel support holds, the fall from 1.3125 could be treated as consolidation of the uptrend from 1.2661, one more rise towards 1.3500 is still possible after consolidation, only a clear break below the channel support could signal completion of the uptrend.

 

 

AUDUSD Analysis.

 

AUDUSD is facing 1.0488 resistance, a break above this level will indicate that the uptrend from 1.0149 (Oct 8 low) has resumed, then further rise to 1.0550 area could be seen. However, as long as 1.0488 resistance holds, consolidation of the uptrend could be expected to continue, and one more fall to 1.0350 area to complete the consolidation is possible. Support is at 1.0435, a breakdown below this level will suggest that lengthier consolidation is underway.

 

 

GBPUSD Analysis.

 

GBPUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.5827. As long as the trend line support holds, another rise could be expected after consolidation, and next target would be at 1.6200 area, only a clear break below the trend line could signal completion of the uptrend.

 

 

 

USDCAD Analysis.

USDCAD is in downtrend from 1.0055, the sideways movement between 0.9905 and 0.9960 is likely consolidation of the downtrend. Now the pair is facing 0.9905 support, a breakdown below this level will signal resumption of the downtrend, then deeper decline to 0.9700 area could be seen. Key resistance is at 0.9960, only break above this level could bring price back to 1.0000 zone.

 

 

USDJPY Analysis.

 

USDJPY moves sideways in a range between 81.69 and 82.83. The price action in the rang could be treated as consolidation of the uptrend from 79.07. Another rise towards 85.00 could be expected after consolidation, and a break above 82.83 could signal resumption of the uptrend.

 

 

USDCHF Analysis.

 

USDCHF is in consolidation of the downtrend from 0.9511. Further rally would likely be seen, and the target would be at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and one more fall to 0.9000 is still possible after consolidation. Key resistance is at 0.9341, only break above this level could signal completion of the downtrend.

 

 

Content courtesy of ForexCycle