EURUSD Analysis.

EURUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.3125 and the uptrend from 1.2661 has completed. The pair is now in downtrend from 1.3125, further decline could be expected and next target would be at 1.2850-1.2900 area. Key resistance is at 1.3125, only break above this level could trigger another rise towards 1.3500.

AUDUSD Analysis.

AUDUSD breaks above 1.0488 resistance, and reaches as high as 1.0515. Further rise could be expected and next target would be at 1.0550 area. Support is now at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend from 1.0287.

GBPUSD Analysis.

GBPUSD breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 1.5827 has completed at 1.6130 already. Further decline would likely be seen and next target would be at 1.6000 area. Key resistance is now located at 1.6130, only break above this level could trigger another rise towards 1.6200.

USDCAD Analysis.

USDCAD breaks below 0.9905 support, suggesting that the downtrend from 1.0055 has resumed. Further decline could be expected, and next target would be at 0.9850 area. Resistance is at 0.9930, only break above this level could indicate that lengthier consolidation of the downtrend is underway.

USDJPY Analysis.

USDJPY moves sideways in a range between 81.69 and 82.83. The price action in the range 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 breaks above the upper line of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9241, and the downward movement from 0.9511 has completed. Further rally would likely be seen, and next target would be at 0.9400 area. Key support is at 0.9241, only break below this level could trigger another fall towards 0.9000.

Content courtesy of ForexCycle