USDCAD Analysis.

USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0055, and the fall extends to as low as 0.9844. Further decline could be expected after a minor consolidation, and next target would be at 0.9800 area. Initial resistance is at 0.9880, and the key resistance is located at the downward trend line, only a clear break above the trend line resistance could signal completion of the downtrend.

AUDUSD Analysis.

After consolidation, AUDUSD continues its upward movement from 1.0287, and the rise extends to as high as 1.0585. further rise could be expected after a minor consolidation, and next target would be at 1.0600-1.0650 area. Key support remains at the upwards trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

EURUSD Analysis.

EURUSD is facing 1.3125 resistance, a break above this level will indicate that the uptrend from 1.2661 has resumed, then further rise towards 1.3500 could be seen. On the downside, as long as 1.3125 resistance holds, the rise from 1.2877 would possibly be correction of the downtrend from 1.3125, and one more fall to 1.2800 is still possible.

GBPUSD Analysis.

GBPUSD breaks above 1.6130 resistance and reaches as high as 1.6171, suggesting that the uptrend from 1.5827 has resumed. Further rise could be expected and next target would be at 1.6200 area. Support is at 1.6090, as long as this level holds, the uptrend from 1.6002 will continue.

USDJPY Analysis.

After a sideways consolidation, USDJPY breaks above 82.83 resistance and reaches as high as 83.43, suggesting that the uptrend form 79.07 has resumed. Further rise could be expected after a minor consolidation, and next target would be at 84.00 area. Support is at 82.85, as long as this level holds, the uptrend will continue.

USDCHF Analysis.

USDCHF is facing 0.9241 previous low support, a breakdown below this level will signal resumption of the downtrend from 0.9511, then further decline towards 0.9000 could be expected. On the upside, as long as 0.9241 support holds, the fall from 0.9382 would possibly be correction of the uptrend from 0.9241, and one more rise to 0.9550 area is still possible.

Content courtesy of ForexCycle