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EURUSD may be forming a cycle bottom at 1.3074 level on 4-hour chart. Range trading between 1.3074 and 1.3333 is expected in a couple of days. Support is at 1.3074, as long as this level holds, we’d expect uptrend to resume and one more rise to 1.3500 area is still possible after consolidation. However, a break below 1.3074 will indicate that lengthier consolidation of uptrend from 1.1876 (Jun 7 low) is underway, then deeper decline could be seen to 1.2900-1.3000 area.



Daily Forex Analysis

AUDUSD breaks below the trend line from 0.8632 to 0.8905, suggesting that a cycle top is being formed at 0.9221 level on 4-hour chart. Range trading between 0.9070 and 0.9221 is expected in a couple of days. As long as 0.9070 key support holds, the price action from 0.9221 is treated as consolidation of uptrend from 0.8632 and one more rise towards 0.9300 is still possible. However, a break below 0.9070 could indicate that lengthier consolidation of uptrend is underway, then the pair would find support at 0.9000 area.



Daily Forex Forecast

After a minor consolidation, EURUSD continues its upward movement from 1.2732 and the rise extended to as high as 1.3333 level. Support is at the lower border of the price channel on 4-hour chart, now at 1.3194, as long as the channel support holds, another rise is still possible and next target would be at 1.3500-1.3600 area. On the downside, a clear break below the channel support will indicate that the rise from 1.2732 is complete.



Daily Forex Forecast

USDCHF's downward movement extended further to as low as 1.0331 level. However, the pair had lost momentum, move sideways in a range between 1.0250 and 1.0550 would more likely be seen in a couple of weeks. Key resistance is at 1.0675, a break above this level will indicate that a cycle bottom has been formed on daily chart and the fall from 1.1730 is complete, then the following upward movement could bring price to 1.1200-1.1300 area.

For long term analysis, USDCHF formed a cycle top at 1.1730 level on weekly chart. Further fall to 1.0200 to reach next cycle bottom on weekly chart is expected in a couple of weeks.



Weekly Forex Analysis