EURUSD Analysis.
EURUSD broke below the rising trend line on 4-hour chart and is testing 1.4611 support, a break below this level will indicate that the uptrend from 1.4177 has completed at 1.4843 level already, then the following downtrend will will take price back to 1.4450 or even lower. Near term resistance is now located at 1.4843, only rise above this level will indicate that the uptrend from 1.4177 has resumed, then the next target would be at 1.5000 zone.
USDJPY Analysis.
USDJPY continue to trade sideways in a range between 90.12 and 92.53. Rise towards 92.53 level would more likely be seen later today, a break above this level will confirm that the downtrend from 97.78 has completed at 90.12 level already, then the following uptrend will take price to 94.00 zone. Key support is located at 90.12, only fall below this level will indicate that the downtrend has resumed, then deeper decline is expected to 89.00 level.
USDCAD Analysis.
USDCAD breaks above 1.0925 key resistance, suggesting that the downtrend from 1.1124 has completed at 1.0590 level already. Further rise to 1.1050 is expected in next several days. Near term support is at 1.0830, as long as this level holds, uptrend from 1.0660 will continue.
GBPUSD Analysis.
GBPUSD formed a short term cycle top at 1.6467 level on 4-hour chart and drops sharply to as low as 1.5916 so far. The pair is now in downtrend from 1.6467, deeper decline to 1.5600 is possible in next several days. Near term resistance is at 1.6100, as long as this level holds, we’d expect downtrend to continue.
AUDUSD Analysis.
AUDUSD broke below the rising trend line on 4-hour chart, suggesting that a short term cycle top has been formed at 0.8788 level. Further fall is now in favor and next target is to test 0.8543 support, a break below this level will take price to 0.8350-0.8400 area.
USDCHF Analysis.
USDCHF breaks above the falling trend line from 1.0698 to 1.0389, suggesting that a short term cycle bottom has been formed at 1.0186 level on 4-hour chart. Now the downtrend from 1.0698 has completed and rebound to test 1.0422 resistance is expected in next several days.
SOURCE: forexcycle.com
