Daily Forex Analysis

USDJPY Analysis.

USDJPY’s rebound from 94.87 extends to 96.56 level. The following pullback could possibly be resumption of downtrend from 98.88. Deeper decline is possible to test 94.87 previous low support, a break below this level will signal further fall towards 94.00 level. Near term resistance is now at 96.56, only rise above this level will indicate lengthier correction of downtrend is underway, and the next target may be at 97.00-97.50 area.

GBPUSD Analysis.
GBPUSD stayed 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.
No changed in our view, AUDUSD is forming a short term cycle bottom at 0.7789 level on 4-hour chart. Further rally is expected to test 0.8118 key resistance. A break of this level will confirm the cycle bottom and 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.

USDCAD Analysis.
USDCAD is in short term uptrend from 1.0940. Further rally is still possible 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, only 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.

EURUSD Analysis.
EURUSD is forming a short term cycle top at 1.4138 level on 4-hour chart. Key support is now located at 1.3889, 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.
After breaking above 1.0986 resistance, USDCHF pulls back from 1.1021 level. Further fall is still possible to 1.0800-1.0850 area. However, the price action from 1.1021 is more likely consolidation of uptrend from 1.0631, further rise to 1.1200 could be seen after consolidation.