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USDCAD consolidates below 1.0678 resistance. Range trading between 1.0540 and 1.0678 would more likely be seen in a couple of days. Support is at the lower boundary of the rising price channel on 4-hour chart, followed by 1.0540, as long as this level holds, uptrend could be expected to continue and another rise towards 1.0852 (May 25 high) is still possible after consolidation.



Daily Forex Analysis

Being contained by 1.0678 resistance, USDCAD pulled back from 1.0673, suggesting that a cycle top is being formed on 4-hour chart. Minor consolidation in a range between 1.0540 and 1.0678 would more likely be seen in a couple of days. Support is at the lower border of the price channel, as long as the channel support holds, one more rise towards 1.0852 previous high is still possible.



Daily Forex Signals

GBPUSD is forming a cycle top at 1.5128 level on 4-hour chart. Key support s now at the lower border of the rising price channel, now at 1.4910, a clear break below the channel support will confirm the cycle top and indicate that the uptrend from 1.4346 is complete, then the following downtrend could bring price back towards 1.4230 previous low. However, as long as the channel support holds, uptrend is expected to continue and one more rise to 1.5400 is still possible.



Daily Forex Forecast

USDCHF’s downward movement extends to as low as 1.0801 level. Resistance remains at the upper boundary of the falling price channel on 4-hour chart. As long as the channel resistance holds, deeper decline is still possible and next target would be at 1.0600-1.0750 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed, then minor consolidation of downtrend could be seen.



Daily Forex Analysis