Daily Forex Analysis

AUDUSD Analysis.
AUDUSD has formed a short term cycle top at 0.8337 level on 4-hour chart. Range trading between 0.8089 and 0.8337 is expected in a couple of days. However, the fall from 0.8337 could possibly be consolidation of uptrend from 0.7703, as long as 0.8089 support holds, we would expect uptrend to resume and one more rise towards 0.8500 is still possible after consolidation. Only fall below 0.8089 will indicate that the uptrend from 0.7703 has completed at 0.8337 level already, then deeper decline could be seen to 0.7800 zone.

USDJPY Analysis.
Being contained by the lower border of the rising price channel on 4-hour chart, USDJPY rebounds from 94.01 level and is testing 95.37 resistance. The rise from 94.01 could possibly be resumption of uptrend from 91.73, further rally to 96.00 is now in favor and a break above 95.37 will confirm the resumption of uptrend. Near term support is at 94.01, only fall below this level will take price back to re-test 91.73 previous low support.

GBPUSD Analysis.
GBPUSD breaks below 1.6381 key support, suggesting that a short term cycle top has been formed at 1.6583 level on 4-hour chart. Deeper decline is now in favor and target would be at 1.6100 zone. Key resistance is at 1.6583, only rise above this level will indicate that the pair is back in uptrend from 1.5984, then further rally could be seen to 1.6650 level.

USDCAD Analysis.
USDCAD remains in downtrend from 1.1723, the rebound from 1.0749 is more likely consolidation of downtrend. Range trading between 1.0749 and 1.1000 is expected in a couple of days. As long as 1.1000 resistance holds, we would expect downtrend to resume and deeper decline is possible after consolidation. However, above this level will indicate that the downtrend from 1.1723 has completed at 1.0749 level already, then the following uptrend will take price back to 1.1500 zone.

EURUSD Analysis.
EURUSD breaks below 1.4119 key support, suggesting that a short term cycle top has been formed at 1.4304 level on 4-hour chart and the pair is now in downtrend. Deeper decline is in favor and next target would be at 1.3900 or even lower. Near term resistance is at 1.4125, as long a this level holds, downtrend will continue.

USDCHF Analysis.
USDCHF rebounds sharply to as high as 1.0907 level. Further rally is expected to test 1.0956 resistance, a break above this level will signal further rally towards 1.1021 previous high. Near term support is at 1.0800, as long as this level holds, the uptrend from 1.0622 will continue.