Short Term Analysis

USDCAD

As expected, USDCAD broke below the up trend line support and topped at 1.1787 on 4 hours chart, and sharply fall from 1.1787 extended to as low as 1.1599 so far. Further fall below 1.1564 previous low can be seen in the next several days, and a break below 1.1564 level will confirm the long term bearish movement.

USDCHF

USDCHF will form a sideways consolidation in a range between 1.2029 and 1.2214 in the next several days. Further fall below 1.2029 can be seen after this consolidation, and a break below 1.2029 will signal the resumption of the down trend.

AUDUSD

No changed in our view, AUDUSD is in up trend, further rise towards 0.8100 is still possible in the next several days. Near term support is at 0.7962 and followed by the up trend line, from 0.7680 to 0.7798, now at 0.7900. Only break below the trend line support may signal the reversal to the up trend.

USDJPY

No changed in our view, USDJPY bottomed at 115.75 on 4 hours chart. Further rise above 118.49 previous high can be seen in the next couple of days. Near term support is at 116.25, only break below this level may signal the resumption of the down trend.

EURUSD

No changed in our view, EURUSD is topping at 1.3338 on 4 hours chart. Sideways consolidation can be expected and further fall to test the bottom of the price channel support is still possible later today. Near term support is at the bottom of the price channel, now at 1.3260. Near term resistant is at 1.3338, a break above this level will signal the resumption of the up trend.

GBPUSD

As expected, GBPUSD broke above 1.9505 previous high, and the rise from 1.9212 extended to as high as 1.9623 so far, further rally towards 1.9672 previous high can be expected later today. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.