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Being contained by 0.9979 support, USDCAD rebounded to as high as 1.0093 level, suggesting that a cycle bottom is being formed on 4-hour chart. Range trading between 0.9979 and 1.0150 would more likely be seen in a couple of days. Key support is at 0.9979, only break below this level could trigger another fall towards 0.9500 zone.


Daily Forex Forecast

USDJPY moved sideways in a range between 80.30 and 81.98 for several weeks. Lengthier consolidation in the rang is still possible in a couple of days. As long as 81.98 resistance holds, we’d expect downtrend to resume and another fall towards 79.75 (1995 low) is still possible, and a break below 80.55 could signal resumption of downtrend. Key resistance is at 81.98, above this level will indicate that the downtrend from 85.92 (Sep 17 high) has completed at 80.30 already, then the following upward move could bring price back to 83.00-84.00 area.



Daily Forex Analysis

USDJPY stays below a falling trend line from 94.98 to 85.92, and moved sideways in a trading range between 80.30 and 81.98 for several weeks. The price action in the trading range is more likely consolidation of downtrend from 94.98. As long as the trend line resistance holds, downtrend is expected to continue and another fall towards 79.75 (1995 low) is still possible, only a clear break above the trend line resistance could indicate that the fall from 94.98 is complete.

For long term analysis, USDJPY remains in downtrend from 94.98, further decline towards 79.75 (1995 low) would more likely be seen.



Weekly Forex Analysis

USDCAD continues its downward move from 1.0372 and the fall extended to as low as 1.0009 level. Resistance is at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend is expected to continue and one more fall towards 0.9979 previous low support is still possible, only a clear break above the trend line resistance could indicate that a cycle bottom is being formed.



Daily forex Forecast