Daily Forex Analysis

USDCAD Analysis.
USDCAD rebounds from the lower border of the rising price channel. Moving higher to test 1.1636 resistance is possible later today, a break above this level will signal further rally to 1.1700 zone. Near term support is at the lower border of the rising price channel on 4-hour chart, and the key support is at 1.1418, fall below this level will indicate that the uptrend from 1.0940 has completed at 1.1636 level already, then deeper decline could be seen to 1.1250-1.1300 area.

USDJPY Analysis.
USDJPY is in short term downtrend from 98.88 and the price action from 94.87 is treated as consolidation of downtrend. Now the fall from 96.56 could possibly be resumption of downtrend. Deeper decline is expected to test 94.87 previous low support, a break of this level will indicate that the downtrend has resumed and the next target would be at 94.00-95.50 area.

GBPUSD Analysis.
GBPUSD remains in the trading range between 1.6187 and 1.6618. Breaking out of this range is needed in a couple of days. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level. If 1.6187 support gives way, deeper decline is expected to re-test 1.5801 support.

AUDUSD Analysis.
AUDUSD has formed a short term cycle bottom at 0.7789 level on 4-hour chart. Further rise is still possible to test 0.8118 resistance. A break above this level will indicate that the fall from 0.8263 has completed, then further rise could be seen to 0.8500-0.8600 area. Near term support is at 0.7789, below this level will take price to 0.7500-0.7600 zone.

EURUSD Analysis.
Bing contained by 1.4138 resistance, EURUSD pullback from 1.4117 level. Moving lower to test 1.3889 key support would more likely be seen later today, a break down below this level will confirm the cycle top, then deeper decline could be seen to follow. Key resistance is at 1.4138, only rise above this level will signal further rally to 1.4250 zone.

USDCHF Analysis.
USDCHF’s fall from 1.1021 extends to as low as 1.0796 level. The following rebound would possibly be resumption of uptrend. Near term resistance is at 1.0930, above this level will signal further rally to re-test 1.1021 previous high resistance.