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USDJPY breaks below 90.07 support, suggesting that the rebound from 88.47 has completed. Pullback to retest 88.47 previous low support is expected in a couple of days. A break down below this level will indicate that a short term cycle top has been formed at 91.29 level, and the following downtrend will bring price to 84.00 zone. Initial resistance is now at 91.29, only rise above this level will signal further rally towards 92.50 zone.



Daily Forex Forecast

USDCAD formed a sideways consolidation in a range between 1.2316 and 1.2673. As long as 1.2316 support holds, we’d expect uptrend to resume, and further rally towards 1.2850 zone is still in favor. However, below 1.2316 will indicate that a short term cycle top has been formed at 1.2673 already, and then pullback could be seen to 1.1950 zone.



Daily Forex Analysis

EURUSD breaks above 1.3336 resistance, suggesting that a short term cycle bottom has been formed at 1.3026 level on 4-hour chart, and the fall from 1.3797 has completed. Consolidation in a range between 1.3026 and 1.3390 is expected in a couple of days. Initial support is located at 1.3210 followed by 1.3026, only fall below 1.3026 will signal resumption of the medium downtrend from 1.4719.



Daily Forex Analysis

GBPUSD breaks above 1.4706 key resistance, suggesting that the short term downtrend from 1.5372 has completed. Further rebound could be seen to 1.5000 zone in a couple of days. Initial support is at 1.4469, only fall below this level will signal deeper decline towards 1.4100 level.



Daily Forex Analysis