Daily Forex Analysis

USDJPY Analysis.
USDJPY consolidates in a narrow range between 95.94 and 98.18. Further rally is still in favor, and a break above 98.18 level will signal resumption of up trend, and then the next target is to test 100.54 previous high resistance. However, below 94.47 will indicate that a short term cycle top has been formed at 98.18 level on 4-hour chart, deeper decline could then be seen to 93.00 zone.

GBPUSD Analysis.
GBPUSD breaks above the resistance of the falling price channel on 4-hour chart. The rebound from 1.4557 is treated as consolidation to down trend, further rally is still possible to 1.5300 zone later today. However, the next short term cycle top is nearing, pullback below 1.4557 could be seen after consolidation.

AUDUSD Analysis.
AUDUSD is forming as sideways consolidation in a narrow range between 0.6340 and 0.6694. A break down below 0.6340 level will signal deeper decline towards 0.6008 previous low. Key resistance is located at 0.6694, above this level will confirm that a short term cycle bottom has been formed at 0.6340, and further rally could be seen to retest 0.7014 resistance.

USDCHF Analysis.
Unchanged in our short term out look, USDCHF stays in a rising price channel on 4-hour chart. Further rally is still possible to 1.2200 zone in a couple of days. Initial support is at the lower border of the price channel, now at 1.1900. Key support is located at 1.1825, below this level will indicate that a short term cycle top has been formed, pullback could be seen to follow, and next short term target would be at 1.1500 zone.

EURUSD Analysis.
EURUSD is forming a short term cycle top at 1.2854 level on 4-hour cart. Key support is at 1.2389, a break down below this level will confirm the cycle top, and next short term target would be at 1.2000 zone. Only rise above 1.2854 level will signal further rally towards 1.3100 zone.

USDCAD Analysis.
USDCAD trades in a narrow range between 1.2098 and 1.2445. Pullback to retest 1.1464 is now favor, and a break below 1.2098 will confirm such case. However, above 1.2445 will signal further rally towards 1.2800 zone.