Daily Forex Analysis

USDCAD Analysis.
After breaking below 1.0784 previous low, USDCAD trades in a narrow range between 1.0749 and 1.0933. The price action in the trading range is more likely consolidation of downtrend form 1.1723, further fall to 1.0500 zone is still possible after consolidation. Near term resistance is at 1.0933 followed by 1.1000, only rise above 1.1000 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.

AUDUSD Analysis.
AUDUSD trades in a range between 0.8089 and 0.8337. Moving sideways in this range is expected in next several days. 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. However, 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 resistance of the upper border of the rising price channel, USDJPY pulls back from 95.88 level, suggesting that a short term cycle top is being formed. Deeper decline to test 94.83 key support is possible later today, and a break below this level will confirm the cycle top, then further fall towards the bottom of the price channel could be seen to follow.

GBPUSD Analysis.
Being supported by the lower border of the rising price channel on 4-hour chart, GBPUSD rebounds from 1.6339 level. However, the rise is more likely consolidation of downtrend from 1.6583, moving to 1.6100 zone is still possible and a break below 1.6339 will signal resumption of downtrend. Near term resistance is at 1.6583, only rise above this level will suggesting that the uptrend from 1.6984 has resumed, then further rally could be seen to 1.6650 level.

EURUSD Analysis.
EURUSD is now in downtrend from 1.4304 and the rebound from 1.4007 is treated as correction of downtrend. Further rise to 1.4180 zone is possible later today, downtrend is expected to resume before breaking above this level.

USDCHF Analysis.
USDCHF is forming a short term cycle top at 1.0933 level on 4-hour chart, consolidation in a range between 1.0800 and 1.0956 is expected in next several days. As long as 1.0800 level holds, we would expect uptrend to resume and one more rise above 1.1021 would more likely be seen after consolidation.