Daily Forex Analysis

 

USDCAD Analysis.

USDCAD had formed a cycle top at 1.0235 on 4-hour chart. Range trading between 1.0105 and 1.0235 would likely be seen in a couple of days. As long as 1.0235 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0341, another fall towards 1.0000 could be expected after consolidation, only break above 1.0235 could signal completion of the downtrend.

 

 

USDJPY Analysis.

USDJPY continues its upward movement from 92.56, and the rise extends to as high as 99.66. Further rise is still possible after a minor consolidation, and next target would be at 101.00 area. Support is at 97.80, only break below this level will indicate that a cycle top is being forming on 4-hour chart, then deeper decline to 97.00 area could be seen.

 

EURUSD Analysis.

EURUSD’s upward movement from 1.2747 extends to as high as 1.3068. Further rise is still possible, and next target would be at 1.3100 area. Support is at 1.2900, only break below this level will indicate that the rise from 1.2747 has completed.

 

AUDUSD Analysis.

AUDUSD remains in downtrend from 1.0496, the rise from 1.0347 would possibly be consolidation of the downtrend. Key resistance is at 1.0496, as long as this level holds, one more fall to 1.0250 – 1.0300 area is still possible after consolidation. On the upside, a break above 1.0496 resistance will indicate that the longer term uptrend from 1.0115 has resumed, then further rise towards 1.0700 could be seen.

 

USDCHF Analysis.

USDCHF remains in downtrend from 0.9553. Further decline would likely be seen after a minor consolidation, and next target would be at 0.9250 area. Resistance is at 0.9400, as long as this level holds, the downtrend will continue.

 

GBPUSD Analysis.

GBPUSD remains in uptrend from 1.4831, the fall from 1.5363 could be treated as consolidation of the uptrend. Key support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to 1.5500 is still possible.

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