USDCHF Analysis.
USDCHF is moving to the next cycle bottom on 4-hour chart. Further fall to 0.9800 area is still possible after consolidation. Key resistance is located at 1.0113, a break of this level will confirm the cycle bottom and indicate that the short term down trend from 1.0249 has completed.
USDCAD Analysis.
USDCAD formed a sideways consolidation in a range between 1.0094 and 1.0232. Deeper decline to 0.9900 area to reach the next cycle bottom on 4-hour chart is still possible after consolidation and a break of 1.0094 will confirm such case. Key resistance is at 1.0307, only break of this level will signal the resumption of the up trend.
GBPUSD Analysis.
GBPUSD’s rebound from 1.9736 extends to as high as 2.0193. The pair might be forming a short term cycle top on 4-hour chart. Key support is located at 1.9926, a break of this level will confirm the cycle top and deeper decline to test 1.9736 previous low support could then be seen.
EURUSD Analysis.
No changed in our view, EURUSD is testing 1.5902 previous high resistance. Sideways consolidation could be seen before breaking above this level. A break of 1.5902 level will signal the resumption of the long term up trend, and further rise to 1.6500 area is expected to follow.
AUDUSD Analysis.
AUDUSD’s rebound from 0.8953 extends to as high as 0.9252. Further rise to 0.9300 area to reach the next cycle top on 4-hour chart is still possible. Key support is at 0.9121, a break of this level will confirm the cycle top and indicate that the short term up trend has completed.
USDJPY Analysis.
No changed in our view, USDJPY formed a short term cycle top at 101.03. Deeper decline to 97.00 area to reach the next cycle bottom on 4-hour chart is still possible in a couple of days. Key resistance is at 101.03, a break above this level will signal the resumption of the up trend, and then further rise to test previous high resistance at 103.59 could be seen.
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