Daily Forex Analysis

USDCHF Analysis.
USDCHF is testing 1.1481 support, a break down below this level will signal deeper decline towards 1.1400 zone. As long as 1.1400 support holds, we’d expect up trend to resume, and further rally towards 1.2000 is still possible. However, below 1.1400 will indicate that the up trend from 1.0693 (Sep 22 low) has completed, and then down trend would take price back to 1.1000 zone.

EURUSD Analysis.
EURUSD breaks above the price channel resistance, suggesting that the fall from 1.3785 (Oct 9 high) has completed. A short term cycle bottom has been formed at 1.2329 level on 4-hour chart. Rebound to test 1.3004 resistance could be seen later today, as long as this level holds, we’d expect down trend to resume, and deeper decline to 1.2000 zone is still possible after consolidation.

USDJPY Analysis.
USDJPY formed a short term cycle bottom at 90.92 level on 4-hour chart and rebounded sharply to as high as 99.68 level. However, the next short term cycle top is nearing, pullback to retest 90.92 is possible in a couple of days, a break of this level will signal deeper decline to 88.00 zone.

USDCAD Analysis.
USDCAD is forming a short term cycle top at 1.3015 on 4-hour chart. Pullback to retest the support of the up trend line is expected. If the trend line support gives way, the next target would be at 1.2430 level. Key support is located at 1.2250, as long as this level holds, we’d expect up trend to resume, and further rally could be seen to 1.3500 zone after consolidation.

AUDUSD Analysis.
AUDUSD broke above 0.6267 resistance, suggesting that a short term cycle bottom has been formed at 0.6008 level on 4-hour chart. Further rise towards 0.7000 zone is still possible in a couple of days. Key support is now at 0.6008, a break down below this level will signal deeper decline towards 0.5500 zone.

GBPUSD Analysis.
GBPUSD broke above the down trend line on 4-hour chart, suggesting that a short term cycle bottom has been formed at 1.5269 level. Consolidation in a range between 1.5269 and 1.6300 could be seen in a couple of days.