USDCHF had formed a cycle bottom at 0.9244 on 4-hour chart. Now the rise from 0.9244 would possibly be resumption of uptrend from 0.8569 (Oct 27 low), further rise to test 0.9546 resistance would likely be seen later today, a break above this level will confirm resumption of the uptrend. Key support is at 0.9244, only break below this level could indicate that the uptrend from 0.8569 has competed at 0.9546 already, then the following downward move could bring price back to 0.8700-0.8800 area.

Daily Forex Forecast

USDCHF formed a cycle top at 0.9546 on 4-hour chart. Deeper decline would likely be seen and target would be at the lower border of the price channel. However, the fall from 0.9546 is treated as consolidation of uptrend from 0.8569 (Oct 27 low), another rise towards 1.0000 could be seen after consolidation, and a break above 0.9546 could signal resumption of uptrend.

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USDCHF had formed a cycle top at 0.9329 on 4-hour chart. Range trading between 0.9085 and 0.9329 would likely be seen in a couple of days. As long as 0.9085 support holds, the price action in the range is treated as consolidation of uptrend from 0.8569, another rise towards 1.0000 is still possible after consolidation, and a break above 0.9329 could signal resumption of uptrend. On the downside, a breakdown below 0.9085 will signal completion of uptrend, then pullback to 0.8400 could be seen.

Daily Forex Analysis

EURUSD had formed a cycle bottom at 1.3609 on 4-hour chart. Further rally is still possible in a couple of days, and target would be at 1.3950-1.4000 area. However, the rise is treated as consolidation of downtrend from 1.4246, another fall towards 1.3400 could be seen after consolidation, and a breakdown below 1.3609 could signal resumption of downtrend.

AUDUSD has formed a cycle bottom at 0.9622 on 4-hour chart. Further rise to test the resistance of the downtrend line is possible, as long as the trend line resistance holds, the price action from 0.9622 is treated as consolidation of downtrend, and another fall towards 0.9000 is still possible. On the upside, a clear break above the trend line could indicate that the fall from 1.0764 has completed at 0.9622 already, then the following uptrend could bring price to 1.0400 area.

Forex Technical Analysis

AUDUSD may be forming a cycle bottom at 1.0148 on 4-hour chart. Further rally to test 1.0398 key resistance would likely be seen, a break above this level will indicate that the fall from 1.0764 has completed at 1.0148 already, then the following upward movement could bring price to 1.0800-1.0900 area. However, as long as 1.0398 resistance holds, one more fall towards 0.9927 is still possible.

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.

Forex Signals

AUDUSD had formed a cycle bottom at 1.0390 on 4-hour chart. Further rise towards the upper border of the price channel is expected later today. As long as the channel resistance holds, the bounce from 1.0390 is treated as consolidation of downtrend from 1.0773, and one more fall towards 1.0250 is still possible. Only a clear break above the channel could indicate that the fall from 1.0773 had completed at 1.0390 already, then another rise towards 1.1011 previous high could be seen.

Daily Forex Forecast

EURUSD has formed a cycle bottom at 1.4048 on 4-hour chart. Range trading between 1.4048 and 1.4339 would likely be seen in a couple of days. Key resistance is at 1.5339, a break above this level will indicate that the downward movement from 1.4939 had completed at 1.4048 already, then the following upward move could bring price back to 1.4500-1.4600 area. However, as long as 1.4339 resistance holds, the price action from1.4048 is treated as consolidation of downtrend from 1.4939, another fall towards 1.3800 is still possible after consolidation.

Daily Forex Forecast