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USDCAD failed to break above 1.0676 (Jul 6 high) resistance and formed a cycle top at 1.0666. Pullback towards 1.0400 area would more likely be seen in next several days. As long as 1.2400 support holds, the fall from 1.0666 could be treated as consolidation of uptrend from 1.0107, one more rise to 1.0750 is still possible, however, below 1.0400 will indicate that the rise from 1.0107 has completed at 1.0666 already, then deeper decline could be seen to 1.0200 zone.



Daily Forex Forecast

Being contained by 1.0676 (Jul 6 high) resistance, USDCAD formed a minor consolidation in a range between 1.0556 and 1.0666. Key support is at 1.0556, as long as this level holds, uptrend could be expected to continue and further rise to 1.0750 is still possible after consolidation. However, a breakdown below 1.0556 will indicate that a cycle top has been from at 1.0666 level on 4-hour chart, then pullback towards 1.0400 could be seen.



Daily Forex Analysis

USDCHF broke above the downtrend line from 1.0624 to 1.0464, suggesting that a cycle bottom is being formed at 1.0257 on 4-hour chart. Key resistance is at 1.0464, a break above this level will confirm the cycle bottom and indicate that the fall from 1.0624 had completed, then the following upward movement could bring price to 1.0550-1.0600 area. Support is at 1.0257, only break below this level could trigger another fall to 1.0200 zone.



Daily Forex Forecast

USDCHF stays below a downtrend line from 1.0624 to 1.0464 and remains in downtrend. As long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.0200 area. On the other side, a clear break above the trend line resistance (now at 1.0415) will indicate that a cycle bottom has been formed at 1.0257 already and the fall from 1.0624 has completed, then further rally could be seen to 1.0500-1.0600 area.



Daily Forex Forecast