USDCAD Daily Analysis - January 18, 2017 Forex Analysis

USDCAD failed to break above the downward trend line on 4-hour chart, indicating that the pair remains in downtrend from 1.3598. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.2900 area. Key resistance is now at 1.3189, only break above this level could signal completion of the downtrend.

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USDJPY Daily Analysis - January 18, 2017 Forex Analysis

USDJPY's downward movement from 118.60 extended to as low as 112.56. Resistance is located at the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 111.00 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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AUDUSD Daily Analysis - January 18, 2017 Forex Analysis

AUDUSD continued its upward movement from 0.7159 and the rise extended to as high as 0.7568. Near term support is at upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.7700 area. Key support is at 0.7448, only break below this level could signal completion of the uptrend.

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GBPUSD Daily Analysis - January 18, 2017 Forex Analysis

GBPUSD broke above the top of the price channel on 4-hour chart, indicating that the downward movement from 1.2774 (Dec 6, 2016 high) had completed at 1.1986 already. Further rally could be expected over the next several days, and next target would be at 1.2650 area. Support levels are at 1.2180 and 1.1986, only break below these levels could trigger another fall towards 1.1900.

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EURUSD Daily Analysis - January 18, 2017 Forex Analysis

EURUSD's upward movement from 1.0340 extended to as high as 1.0719. Further rise is still possible after a minor consolidation, and next target would be at 1.0800 area. Support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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