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USDCHF is forming a sideways consolidation in a range between 0.8082 and 0.8276. The sideways move could be expected to continue in a couple of days. As long as 0.8082 support holds, one more rise to 0.8400-0.8450 area is possible after the sideways move. However, a breakdown below 0.8082 could indicate that the long term downtrend has resumed, then next target would be at 0.7800 zone.



Daily Forex Reports

USDCAD stays below a falling trend line on 4-hour chart, and remains in downtrend from 0.9777. further decline to test 0.9444 support could be seen later today, a breakdown below this level will indicate that the long term downtrend from 1.0852 (2010 high) has resumed. Resistance is at the downtrend line, only a clear break above the trend line could indicate that the fall from 0.9777 is complete.



Daily Forex Forecast

USDCHF broke above 0.8198 resistance, and reached as high as 0.8276, suggesting that a cycle bottom had been formed at 0.8082 on 4-hour chart, and the fall from 0.8525 had completed. Further rally could be seen after a minor consolidation, and target would be at 0.8400-0.8450 area. Initial support is at 0.8160 and key support is at 0.8082, only break below these levels could trigger another fall to 0.8000 zone.



Daily Forex Analysis

USDJPY formed a cycle bottom at 78.46 on 4-hour chart. Range trading between 78.46 and 79.58 is expected in a couple of days. The price action in the range could be treated as consolidation of downtrend from 81.47, as long as 79.58 resistance holds, one more fall to 77.50 area is still possible. However, a break above 79.58 will suggest that the longer term downtrend from 85.51 has completed at 78.46 already, then the following upward move could bring price to 83.00 zone.



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