USDCAD Daily Analysis - January 31, 2017 Forex Analysis

USDCAD remains in downtrend from 1.3387, the rise from 1.3053 could be treated as consolidation of the downtrend. Further decline could be expected after consolidation, and next target would be at 1.2900 area. Resistance is at 1.3230, only break above this level could signal completion of the downtrend.

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USDJPY Daily Analysis - January 31, 2017 Forex Analysis

USDJPY moved sideways in a trading range between 112.52 and 115.62. As long as 115.62 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 118.60, and further decline to 110.00 area is still possible. On the upside, a break of 115.62 resistance will indicate that the downtrend had completed at 112.52 already, the the following upward movement could bring price to 118.00 zone.

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AUDUSD Daily Analysis - January 31, 2017 Forex Analysis

No changed in our view, AUDUSD remains in uptrend from 0.7159. As long as 0.7493 support holds, the fall from 0.7608 could be treated as consolidation of the uptrend. Further rise would likely be seen after consolidation and next target would be at 0.7700 area. Only break below 0.7493 support will indicate that the uptrend had completed at 0.7608 already, then the following downward movement could bring price back to 0.7350 area.

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GBPUSD Daily Analysis - January 31, 2017 Forex Analysis

GBPUSD broke bellow the bottom of the price channel on 4-hour chart, indicating that the uptrend from 1.1986 had completed at 1.2673 already. Deeper decline would likely be seen in a couple of days, and next target would be at 1.2200 area. Near term resistance is at 1.2600, only break above this level could trigger another rise towards 1.2800.

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EURUSD Daily Analysis - January 31, 2017 Forex Analysis

EURUSD broke below the upward trend line on 4-hour chart. However as long as 1.0588 support holds, the fall from 1.0774 would possibly be consolidation of the uptrend from 1.0340, and further rise to 1.0900 area is still possible after consolidation. On the downside, a break below 1.0588 support will indicate that the uptrend had completed at 1.0774 already, then the following downward movement could bring price back to test 1.0340 support.

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