Daily Forex Analysis

USDJPY Analysis.
USDJPY remains in short term uptrend from 91.73, the price action from 94.78 is more likely consolidation of uptrend. Near term support is now at the lower border of the rising price channel on 4-hour chart. As long as the channel support holds, we would expected the uptrend to resume and further rally towards 96.00 is still possible. However, a clear break below the bottom of the price channel will suggest that a short term cycle top has been formed at 95.37 level, then further fall is expected to test 91.73 previous low support.

GBPUSD Analysis.
GBPUSD is testing 1.6381 key support, a break below this level will indicate that a short term cycle top has been formed on 4-hour chart, then deeper decline is expected to 1.6100 zone. Key resistance is at 1.6583, only rise above this level will suggest that the pair is back in uptrend from 1.5984, then further rally is expected to 1.6650 level.

AUDUSD Analysis.
After breaking above 0.8263 previous high resistance, AUDUSD pulls back sharply from 0.8337 level, suggesting that a short term cycle top is being formed and range trading between 0.8089 and 0.8337 would more likely be seen in next several days. Near term resistance is now at 0.8337, only rise above this level will signal further rally to 0.8500 zone.

USDCAD Analysis.
USDCAD rebounds sharply from 1.0749, suggesting that a short term cycle bottom has been formed on 4-hour chart. Range trading between 1.0749 and 1.1000 would more likely be seen in a couple of days. However, the price action from 1.0749 is treated as consolidation of downtrend from 1.1723, deeper decline is still possible to 1.0500 after consolidation.

EURUSD Analysis.
Being contained by 1.4338 previous high resistance, EURUSD drops sharply from 1.4304, suggesting that a short term cycle top is being formed. Deeper decline is expected to test 1.4119 key support later today, a break below this level will confirm the cycle top, and indicate that the short term uptrend from 1.3832 has completed at 1.4304 level already, and then deeper decline could be seen to 1.3900 zone. However, as long as 1.4119 support holds, the pair remains in uptrend from 1.3832, one more rise to re-test 1.4338 resistance is still possible.

USDCHF Analysis.
USDCHF breaks above 1.0770 resistance. Further rise to 1.0850-1.0900 area is still possible in a couple of days. Key support is at 1.0622, only fall below 1.0622 level will signal deeper decline to re-test 1.0590 previous low support.