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USDJPY is facing the support of the uptrend line on 4-hour chart, as long as the trend line support holds, the fall from 77.25 is treated as consolidation of uptrend, one more rise towards 77.85 is still possible. However, a clear break below the trend line will indicate that a cycle top has been formed at 77.25, and the rise from 76.09 has completed, then deeper decline towards 75.96 key support could be seen.

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Being contained by 1.5327 support, GBPUSD rebounded from 1.5341, suggesting that a cycle bottom is being formed on 4-hour chart. Further rally would likely be seen in a couple of days, and target would be at 1.5800 zone. On the downside, another fall to re-test 1.5327 key support is still possible, a breakdown below this level could signal resumption of the longer term downtrend from 1.6617.



Daily Forex Analysis

GBPUSD formed a cycle top at 1.5715 on 4-hour chart. Deeper decline towards 1.5327 previous low would likely be seen later today, as long as this level holds, the price action from 1.5327 is treated as consolidation of downtrend from 1.6617, and one more rise towards 1.5800 is still possible. On the other side, a breakdown below 1.5327 will signal resumption of downtrend, then another fall towards 1.5000 could be seen.



Daily Forex Forecast

Being supported by the lower border of the price channel on 4-hour chart, USDCHF rebounded from 0.8917, suggesting that a cycle bottom has been formed. Further rise to test 0.9181 resistance could be seen later today, a break above this level will signal resumption of the uptrend from 0.7711. Support remains at the lower border of the channel, only a clear break below the channel could indicate that lengthier consolidation of uptrend is underway.



Forex Technical Analysis