Short Term – Daily Forex Analysis

 

GBPUSD Analysis.

GBPUSD is testing 1.5894 support, as long as this level holds, the price action from 1.6259 could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise to 1.6500 area to complete to upward movement would likely be seen. On the downside, a breakdown below 1.5894 support will suggest that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.

 

 

EURUSD Analysis.

EURUSD breaks below 1.3462 support, suggesting that the uptrend from 1.2756 (Jul 9 low) had completed at 1.3832 already. Further decline would likely be seen, and next target would be at 1.3200 area. Resistance is at 1.3590, only break above this level could signal completion of the downtrend from 1.3832.

 

 

AUDUSD Analysis.

AUDUSD remains in downtrend from 0.9756, the rise from 0.9421 is likely consolidation of the downtrend. Resistance is at 0.9530, as long as this level holds, the downtrend could be expected to resume, and next target would be at 0.9350 area. On the upside, a break above 0.9530 resistance will signal completion of the downtrend from 0.9756, then the following upward move could bring price to 1.0000 zone.

 

USDJPY Analysis.

USDJPY is testing 99.00 resistance, a break above this level will signal resumption of the uptrend from 96.57, then next target would be at 100.00 area. Support is at 97.80, only break below this level will suggest that the upward movement from 96.94 has completed, then the following downward movement could bring price back to 96.00 zone.

 

 

USDCHF Analysis.

USDCHF is facing 0.9177 resistance, a break of this level will signal completion of the downtrend from 0.9751 (Jul 9 high), then the following upward movement could bring price to 1.0500 area. However, as long as 0.9177 resistance holds, the rise from 0.8890 could be treated as consolidation of the downtrend from 0.9751, one more fall towards 0.8500 is still possible.

 

USDCAD Analysis.

USDCAD’s fall from 1.0496 extends to as low as 1.0397. Resistance is at 1.0455, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.0350 area. Key resistance is at 1.0496, only break above this level could trigger another rise towards 1.0600.

 

Content curiosity of FOREXCycle