Daily Forex Analysis

USDJPY Analysis.
USDJPY is testing the key support at 93.25, a break below this level will indicate that a short term cycle top has been formed at 94.78 level on 4-hour chart, and the rebound from 91.73 has completed, then deeper decline could be seen to re-test 91.73 previous low support. Only rise above 94.78 level will suggest the the medium term downtrend from 98.88 has terminated at 91.73 level, then the following uptrend will take price to 96.00-97.00 area or even higher.

GBPUSD Analysis.
GBPUSD is testing the support of the rising trend line on 4-hour chart, as long as the trend line support holds, we’d expect uptrend to resume and further rally is expected to 1.6600-1.6650 area. However, a clear break below the trend line support will signal deeper decline to test the key support at 1.6265, below this level will indicate that the rise from 1.5984 has completed at 1.6556 already, then the following downtrend will take price to 1.6050-1.6100 area.

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.7703, further rally is still in favor and next target is to test 0.8263 resistance. Near term support is at 0.8089, as long as this level holds, we would expect the uptrend to continue.

EURUSD Analysis.
EURUSD’s uptrend from 1.3832 extends to as high as 1.4277 level. Further rally is still in possible and target is to test 1.4338 previous high resistance. Near term support is now at 1.4163, below this level will suggest that a short term cycle top is being formed at 1.4277 level on 4-hour chart, then deeper decline is expected to 1.4100 zone.

USDCAD Analysis.
USDCAD is forming a short term cycle bottom at 1.0964 level on 4-hour chart. Range trading between 1.0964 and 1.1223 would more likely be seen in a couple of days. Near term support is at 1.0964, below this level will indicate that the downtrend from 1.1723 has resumed, and deeper decline could be seen to 1.0850 zone.

USDCHF Analysis.
No changed in our view, USDCHF is in range trading between 1.0590 and 1.1021. Moving sideways without trend in the range is expected to follow. One more rise above 1.1021 would more likely be seen after the sideways consolidation.