Daily Forex Analysis

EURUSD Analysis.
After breaking below the support of the up trend line from 1.3832 to 1.4007, EURUSD rebounds from 1.4086 and breaks above 1.4218 key resistance, suggesting that a short term cycle bottom has been formed at 1.4086 level on 4-hour chart. Range trading between 1.4086 and 1.4350 is expected in a couple of days. However, the rise from 1.4086 is more likely consolidation of downtrend from 1.4447, deeper decline to 1.3900 zone is still possible after consolidation.

USDCHF Analysis.
USDCHF formed a short term cycle top at 1.0883 level on 4-hour chart. Range trading between 1.0700 and 1.0883 is expected in a couple of days. However, the fall from 1.0883 is more likely consolidation of uptrend and one more rise towards 1.1000 is still possible after consolidation.

USDCAD Analysis.
USDCAD breaks below the lower border of the rising price channel on 4-hour chart, suggesting that a sort term cycle top has been formed at 1.1075 level. Consolidation in a range between 1.0795 and 1.1075 is expected in a couple of days.

USDJPY Analysis.
USDJPY remains in downtrend from 97.78 and the rebound from 95.12 is more likely consolidation of downtrend. Deeper decline is still possible to test 94.36 support, a break down below this level will confirm that the uptrend from 91.73 has completed at 97.78 level already.

AUDUSD Analysis.
AUDUSD rebound sharply from 0.8180, suggesting that a short term cycle bottom has been formed. Range trading between 0.8180 and 0.8400 is possible in a couple of days. However, the rise from 0.8180 is treated as correction of downtrend from 0.8469 and deeper decline to test 0.8124 key support is still possible after correction.

GBPUSD Analysis.
GBPUSD might be forming a short term cycle bottom at 1.6391 level on 4-hour chart. Consolidation in a range between 1.6391 and 1.6700 would more likely be seen in a couple of days. As long as 1.6700 resistance holds, we’d expect downtrend to resume, and deeper decline towards 1.6000 zone is still possible after consolidation.