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USDJPY Analysis.
USDJPY formed a cycle top at 88.11 level on 4-hour chart. Now the fall from 88.11 is treated as resumption of downtrend from 92.88 (Jun 4 high). Further fall towards 84.82 (2009 low) is expected in next several days. Key resistance is at 88.11, only rise above this level could indicate that lengthier consolidation of downtrend is underway.

USDCHF Analysis.
USDCHF failed to break above 1.0675 key resistance and dropped sharply to as low as 1.0374 level. A cycle top had been formed at 1.0639 on 4-hour chart. Further decline could be seen in next several days and next target would be at 1.0200 area.

EURUSD Analysis.
EURUSD’s uptrend from 1.2732 level extends to as high as 1.3106. Support levels are at 1.3010 and 1.2960, as long as these levels hold, uptrend will continue.

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After a week of hard-fought gains and higher lows in the EUR/CAD, the Euro has weakened slightly against the Canadian Dollar and corrected lower intraday. After exhausting at the resistance of the Forecast area between 1.3575 and 1.3603 (F)–which projected the upside target following the Rising Wedge continuation–prices are moving lower in what likely is intraday profit-taking.

The EUR/CAD has returned lower through the upper trend line, and is now testing support around 1.3550. After dipping lower to the 38.2% Fibonacci Retracement at 1.3530 and finding buying momentum, prices are trading around the 23.6% Fibonacci level, which overlaps with 1.3550.

Since the daily chart is strong, that bullish sentiment will be reflected by traders buying into the intraday pullback in expectation of a continuation of the uptrend. The market direction on the 30-minute chart is a narrow-ranging accumulation cycle, as confirmed by the one-bar Initial Trend reading.

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In today’s video we dissect the 2nd quarter GDP results and what it means for the US recovery. The economy grew a smaller than expected 2.4% annualized rate. We also cover the important releases to look out for next week.