Daily Forex Analysis

EURUSD Analysis.
EURUSD stays in the falling price channel and remains in down trend. Deeper decline to 1.2300 zone to reach the next short term cycle bottom could be seen in a couple of days. Initial resistance is at the upper border of the price channel now at 1.2800 and key resistance is located at 1.3004, a break of 1.3004 will indicate that the fall from 1.3785 has completed.

USDJPY Analysis.
USDJPY fell below 95.77 (Mar 17 low) last week and dropped sharply to as low as 90.92 level. A short term cycle bottom has been formed. Sideways consolidation could be seen in a couple of days. Deeper decline is still possible to 88.00 zone after consolidation and a break of 90.92 will signal resumption of down trend.

USDCAD Analysis.
USDCAD’s up trend from 1.1304 extends to as high as 1.2839 level last week. Consolidation is possible in a couple of days and pullback could be seen to test the up trend line from 1.1304 to 1.1740. As long as the trend line support holds, we’d expect up trend to resume and a break of 1.2839 will signal resumption of up trend.

USDCHF Analysis.
USDCHF is forming a sideways consolidation in a range between 1.1481 and 1.1746. As long as 1.1481 support holds, we’d expect uptrend to resume, and further rally towards 1.2000 could be seen after consolidation, a break of 1.1746 will confirm the resumption of up trend.

AUDUSD Analysis.
AUDUSD fell below 0.6330 previous low support and reached as low as 0.6056 level. Deeper decline could be seen to 0.5700 in a couple of days. Initial resistance is now at 0.6460 and followed by 0.6750, only rise above 0.6750 level will take price back to 0.7000 zone.

GBPUSD Analysis.
GBPUSD dropped sharply to as low as 1.5269 last week. A short term cycle bottom has been formed. Sideways consolidation is expected in a couple of days. Initial resistance is at the down trend line on 4-hour chart, and key resistance is located at 1.6327 level. As long as 1.6327 level holds, we’d expect down trend to resume, and then deeper decline could be seen to 1.4500 zone.