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GBPUSD broke above 1.6139 key resistance, suggesting that the downtrend from 1.6546 had completed at 1.5781 already. Further rise could be seen in a couple of days, and next target would be at 1.6300 area. Support is at 1.6080, only break below this level will indicate that consolidation of uptrend is underway.



Forex Signals

USDCHF is facing 0.8275 previous low support, a breakdown below this level will indicate that the longer term downtrend from 0.9774 (Feb 11 high) has resumed, then further fall towards 0.8000 could be seen. Initial resistance is at 0.8400, above this level will indicate that lengthier consolidation of the downtrend is underway, and delay the resumption of downtrend.



Daily Forex Forecast

USDCHF stayed in a trading range between 0.8275 and 0.8550 for several weeks. The price action in the range is treated as consolidation of longer term downtrend from 0.9774 (Feb 11 high). Further fall to test 0.9275 would likely be seen after a minor consolidation, a breakdown below this level will signal resumption of the downtrend.



Daily Forex Forecast

EURUSD continues its downward move from 1.4577, and the fall extended to as low as 1.4197. Resistance is at 1.4305 followed by 1.4375, as long as these levels hold, downtrend could be expected to continue, and next target would be at 1.4100-1.4150 area. However, a break above 1.4375 will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.4577 has completed, then the following upward move could bring price back to 1.4450-1.4500 area.



Daily Forex Analysis