Daily Forex Analysis

USDJPY Analysis.
USDJPY might be forming a short term cycle top at 98.86 level on 4-hour chart. Key support is now at 96.99, a break below this level will indicate that the cycle top has been formed and the rise from 93.53 has completed, and then pullback to 95.00 is expected to follow. Key resistance is located at 99.67, above this level will suggest that the medium term uptrend from 87.12 (Jan 21 low) has resumed, and then further rally could be seen to 104.00 zone.

USDCAD Analysis.
USDCAD is testing 1.2445 Resistance, a break above this level will signal further rally to 1.2600 zone. However, as long as 1.2445 resistance holds, we’d expect the downtrend from 1.3063 to resume, and further fall toward 1.2000 zone is possible. Key support is located at 1.2260, below this level will signal resumption of the downtrend.

EURUSD Analysis.
EURUSD breaks below 1.3250 key support, suggesting that the rise from 1.2456 (Mar 4 low) has completed. Further fall to 1.3100 zone to reach the next short term cycle bottom is expected in a couple of day, and the next cycle bottom is nearing. Key resistance is now located at 1.3420, a break above this level will confirm the cycle bottom.

USDCHF Analysis.
USDCHF’s rebound from 1.1159 has extended to as high as 1.1491, further rise to 1.1550 zone to reach the next short term cycle top is still possible in a couple of days. Key support is now located at 1.1325, a break below this level will indicate that a cycle top has been formed and the rise from 1.1159 has completed, and then deeper decline could be seen to 1.1000 level.

GBPUSD Analysis.
GBPUSD broke below 1.4394 support and reaches as low as 1.4232 level. Deeper decline is still possible to 1.4100 later today. Initial resistance is at the falling trend line on 4-hour chart, above the trend line resistance will signify that the the fall from 1.4779 has completed and rebound towards 1.4600 could be seen to follow.

AUDUSD Analysis.
AUDUSD broke below 0.6902 support last Friday. Deeper decline is expected to test the trend line support, a clear break below the trend line support will signal further fall to 0.6750-0.6800 area. Key resistance is at 0.7092, only rise above this level will indicate that the uptrend from 0.6284 (Mar 4 low) has resumed.