Daily Forex Analysis

EURUSD Analysis.
EURUSD pulls back from 1.4327 level. Range trading between 1.4086 and 1.4327 is expected in a couple of days. Near term support is at the rising trend line from 1.3832 to 1.4007 now at 1.4147, and key support is at 1.4086, below this level will indicate that the downtrend from 1.4447 has resumed and next target would be at 1.3800 zone. However, as long as the pair stays above the rising trend line, uptrend will continue and one more rise above 1.4327 to reach the next short term cycle top on 4-hour chart is possible.

GBPUSD Analysis.
GBPUSD dropped from 1.6663 last Friday. Range trading between 1.6391 and 1.6663 would more likely be seen in a couple of days. The price action from 1.6391 is treated as consolidation of downtrend from 1.7042. Deeper decline towards 1.6000 level is still possible after consolidation and a break down below 1.6391 will signal resumption of downtrend.

USDCHF Analysis.
USDCHF might be forming a short term cycle bottom at 1.0670 level on 4-hour chart. Rebound towards 1.0850 is expected in a couple of days. Key resistance is at 1.0883, above this level will signal further rise to test 1.1021 previous high resistance. Near term support is at 1.0670, only fall below this level will suggest that the downtrend from 1.0883 has resume, then deeper decline could be seen to 1.0600 zone.

USDCAD Analysis.
USDCAD rebounds sharply to as high as 1.1021. Further rise to test 1.1075 key resistance is possible later today, a break above this level will suggest that a short term cycle bottom has been formed at 1.0795 level on 4-hour chart, then further rally could be seen to 1.1400-1.1450 area in next several days. Near term support is at 1.0795, only break below this level will signal deeper decline to re-test 1.0632 previous low support.

USDJPY Analysis.
USDJPY is testing 94.36 medium term key support, a break below this level will confirm that the uptrend from 91.73 has completed, then drop towards 93.00 could be seen to follow. Near term resistance is at 95.25 followed by 96.00.

AUDUSD Analysis.
After breaking above 0.8469 resistance, AUDUSD pulls back from 0.8477, suggesting that a short term cycle top has been formed. Range trading between 0.8180 and 0.8477 is now in favor. As long as 0.8180 support holds, the pair remains in uptrend from 0.7703, and one more rise towards 0.8600 is still possible after consolidation.