EURUSD fails to break above 1.2747 resistance. Range trading between 1.2500 and 1.2747 would likely be seen in a couple of days. As long as 1.2500 support holds, the price action from 1.2747 is treated as consolidation of the uptrend from 1.2288, and another rise to 1.2800-1.2900 area is possible. On the downside, a breakdown below 1.2500 will indicate that the uptrend from 1.2288 has completed, then further decline towards 1.2000 could be seen.
USDCHF remains in downtrend from 0.9769, the price action from 0.9421 is treated as consolidation of the downtrend. As long as 0.9600 key resistance holds, another fall to 0.9300 is possible after consolidation. On the upside, a break above 0.9600 will indicate that the downward movement from 0.9769 has completed at 0.9421 already, then further rise towards 1.0000 could be seen.
USDJPY is facing 79.78 resistance, a break above this level will signal resumption of the short term uptrend from 77.66, then further rise to test 80.61 key resistance could be seen. Support is at 78.61, only break below this level could trigger another fall towards 77.66 previous low.
AUDUSD’s upward movement extends to as high as 1.0223. Further rise is still possible after a minor consolidation, and next target would be at 1.0300 area. Support levels are at 1.0055 and 1.0130, only break below these levels could signal completion of the uptrend.
USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0445. As long as the trend line resistance holds, the downtrend could be expected to continue, and further decline to 1.0100 is possible, only a clear break above the trend line could signal completion of the downtrend.
GBPUSD continues its upward movement from 1.5268, and the rise extends to as high as 1.5776. Further rise to 1.5850 area is still possible after a minor consolidation. Support is at 1.5600, only break below this level could signal completion of the uptrend.
The above analysis was provided by www.forexcycle.com
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