Wednesday's FOREX Market Analysis
USDCAD Analysis.
USDCAD remains in downtrend from 1.0055, the price action from 0.9824 is likely consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall towards 0.9700 is still possible. On the upside, a clear break above the channel resistance will suggest that lengthier consolidation of the downtrend is underway, then further rally to 0.9920 area could be seen.
AUDUSD Analysis.
AUDUSD is facing the support of the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.0585 is treated as consolidation of the uptrend from 1.0287, and another rise to test 1.0624 (Sep 14 high) is still possible after consolidation. On the downside, a clear break below the channel support will indicate that the uptrend has completed at 1.0585 already, then the following downward movement could bring price back to 1.0000 area.
EURUSD Analysis.
EURUSD’s uptrend from 1.2877 extends to as high as 1.3238. Further rise could be expected, and next target would be at 1.3300 area. Support is located at the upward trend line on 4-hour chart, only a clear break below the trend line could signal consolidation of the uptrend.
GBPUSD Analysis.
GBPUSD’s upward movement from 1.6002 extends to as high as 1.6269. Further rise could be expected, and next target would be at 1.6300 area. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.
USDJPY Analysis.
USDJPY’s upward movement from 82.11 extends to as high as 84.43. Further rise is still possible in a couple of days, and next target would be at 85.00 area. Support is now at 83.75, as long as this level holds, the uptrend will continue.
USDCHF Analysis.
USDCHF remains in downtrend from 0.9382, and the fall extends to as low as 0.9121. Further decline could be expected after a minor consolidation, and next target would be at 0.9050 area. Resistance is at 0.9200, as long as this level holds, the downtrend will continue.
Content courtesy of ForexCycle