Today's Short-Term Forex Outlook Ahead of the Federal Reserve Statement

USDJPY Analysis.

USDJPY stays below a downward trend line on 4-hour chart, and remains in downtrend from 101.53, the rise from 95.81 could be treated as consolidation of the downtrend. Another fall to 95.00 to complete the downward movement would likely be seen in a couple of days. Resistance is at the trend line, only break above the trend line resistance will indicate that the downtrend from 101.53 is complete.

AUDUSD Analysis.

AUDUSD continues its sideways movement in a range between 0.8847 and 0.9317. Key resistance is at 0.9317, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), one more fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9317 resistance will indicate that the downtrend from 1.0582 had completed at 0.8847 already, then the following upward movement could bring price to 1.0000 zone.

USDCHF Analysis.

USDCHF breaks below 0.9174 support, suggesting that the downtrend from 0.9751 has resumed. Further decline could be expected, and next target would be at 0.9100 area. Resistance is at 0.9300, as long as this level holds, the downtrend will continue.

USDCAD Analysis.

USDCAD is facing 1.0445 resistance, a break above this level will indicate that the uptrend from 1.0245 has resumed, then next target would be at 1.0500 area. Support is now at 1.0350, only break below this level could trigger another fall to 1.0150 zone.

EURUSD Analysis.

EURUSD breaks above 1.3400 resistance and reaches as high as 1.3451, suggesting that the uptrend from 1.2756 has resumed. Further rise could be expected in a couple of days, and next target would be at 1.3500 area. Support is now at 1.3300, as long as this level holds, the uptrend will continue.

GBPUSD Analysis.

GBPUSD’s upward movement from 1.5102 extends to 1.5695. Further rise is still possible after a minor consolidation, and next target would be at 1.5750 area. Support levels are at 1.5600 and 1.5550, only break below these levels could signal completion of the uptrend.

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