Free Forex Market Analysis

EURUSD has formed a cycle top at 1.3711 on 4-hour chart. Range trading between 1.3430 and 1.3711 would likely be seen in a couple of days. Support is at 1.3430, as long as this level holds, the fall from 1.3711 is treated as consolidation of the uptrend from 1.2998, and another rise towards 1.4000 is still possible. On the downside, a breakdown below 1.3430 will suggest that lengthier consolidation of the longer term uptrend from 1.2661 (Nov 13, 2012 low) is underway, then deeper decline to 1.3300 area could be seen.



Forex Signals

AUDUSD remains in downtrend from 1.0597, the price action in the trading range between 1.0360 and 1.0475 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.0300 area. On the upside, a break above 1.0475 will suggest that a cycle bottom had been formed at 1.0360 on 4-hour chart, and the downward movement from 1.0597 had completed, then further rise towards 1.0700 could be seen.



Daily Forex Forecast

GBPUSD’s rise from 1.5674 extends to as high as 1.5875. The pair is now facing 1.5900 key resistance, a break above this level will indicate that the downtrend from 1.6339 has completed, then another rise towards 1.6500 could be seen. However, as long as 1.5900 resistance holds, the rise from 1.5674 would possibly be consolidation of the downtrend, and another fall to 1.5500 to complete the downward movement is still possible.



Forex Signals

USDCHF’s downward movement from 0.9388 extends to as low as 0.9093. The pair is now facing 0.9083 previous low support, a breakdown below this level will indicate that the longer term downtrend from 0.9971 (Jul 24, 2012 high) has resumed, then further decline towards 0.8500 could be seen. Initial resistance is at 0.9150, and the key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could bring price back to 0.9400 zone.



Daily Forex Forecast