Daily Forex Analysis

EURUSD Analysis.
EURUSD might be forming a short term cycle top at 1.4277 level on 4-hour chart. Key support is now located at 1.4156, a break down below this level will confirm the cycle top and indicate that the uptrend from 1.3832 has completed at 1.4277 level already, then deeper decline could be seen to follow and target would be at 1.4050-1.4100 area. However, above 1.4277 level will suggest that the uptrend from 1.3832 has resumed and further rally is expected to test 1.4338 previous high resistance.

USDJPY Analysis.
USDJPY breaks below 93.25 key support, suggesting that a short term cycle top has been formed at 94.78 level on 4-hour chart. Deeper decline is now in favor, and target would be at 92.50 zone. Key resistance is now at 94.78, above this level will indicate that the medium term downtrend from 98.88 has completed at 91.73 level already, then the following uptrend will take price to 96.00-97.00 area or even higher.

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5984, and the price action in the trading range between 1.6265 and 1.6556 is treated as consolidation of uptrend. Further rally is still possible to 1.6650 zone after consolidation. Key support is at 1.6265, only fall below this level will indicate that a short term cycle top has been formed at 1.6556 level on 4-hour chart, then deeper decline could be seen to follow and target would be at 1.6050-1.6100 area.

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.7703 and the rise extends to as high as 0.8212 level. Further rally is still in favor and target is to test 0.8263 resistance. Near term support is at 0.8089, as long as this level holds, we would expect the uptrend to continue.

USDCAD Analysis.
USDCAD’s fall from 1.1723 extends further to as low as 1.0949, suggesting that the pair remains in downtrend. Deeper decline is still in favor and next target would be at 1.0800-1.0850 area. Near term resistance is at 1.1113 and key resistance is at 1.1223, only break above 1.1223 resistance will indicate that the downtrend from 1.1723 has completed.

USDCHF Analysis.
USDCHF is in range trading between 1.0590 and 1.1021. Moving sideways without trend in the range is expected and deeper decline is still possible later today. Key term resistance is now at 1.0716, above this level will indicate that the fall from 1.0938 has completed, then the following rebound will take price back to 1.0800-1.0850 area.