Daily Forex Analysis

GBPUSD Analysis.
GBPUSD is forming a short term cycle top at 1.6583 level on 4-hour chart. Key support is now at 1.6381, a break below this level will confirm the cycle top, then deeper decline could be seen to test 1.6265 support, below this level will indicate that the uptrend from 1.5984 has completed at 1.6583 already, and further fall could be seen to 1.6100 zone. Near term resistance is at 1.6525 and key resistance is at 1.6583, only rise above 1.6583 level will suggest that the pair is back in uptrend from 1.5984, then further rally is expected to 1.6650 level.

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.7703, and the rise extends to 0.8259 level. Further rise above 0.8263 previous high would more likely be seen later today. Near term support is now at 0.8180, and key support is at 0.8089, a break below 0.8089 will indicate that the uptrend from 0.7703 has completed, then deeper decline could be seen to 0.8000 zone.

USDCAD Analysis.
USDCAD breaks below 1.0784 (June low). Deeper decline is still in favor and next target would be at 1.0650 zone. Near term resistance is now at 1.0880 followed by 1.0925, and key resistance is located at 1.1015, above 1.1015 level will indicate that a short term cycle bottom has been formed and the downtrend from 1.1723 has completed.

EURUSD Analysis.
EURUSD’s uptrend extends further to as high as 1.4297 level. Moving higher to test 1.4338 previous high resistance is still possible later today, and pullback would more likely be seen before breaking above this level. Key support is now at 1.4119, a break below this level will indicate that the uptrend from 1.3748 (June 16 low) has completed, then deeper decline towards 1.3800 could be seen to follow.

USDJPY Analysis.
USDJPY remains in short term uptrend from 93.09 and the rise has extended to 95.37 level. Further rally is still in favor and next target would be at 96.00 zone. Near term support is at 94.55 followed by 94.20, as long as these levels hold, uptrend will continue.

USDCHF Analysis.
USDCHF trades in range between 1.0622 and 1.0770. Further rise is still in favor and target would be at 1.0850-1.0900 area. Near term support is at 1.0650 and key support is at 1.0622, only fall below 1.0622 level will signal deeper decline to re-test 1.0590 previous low support.