USDCAD Daily Analysis - February 7, 2017 Forex Analysis

USDCAD remains in downtrend from 1.3387, the rise from 1.2968 is likely consolidation of the downtrend. Resistance is at 1.3168, as long as the pair stays below this level, the downtrend could be expected to resume, and further decline to 1.2800 area is still possible.

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USDJPY Daily Analysis - February 7, 2017 Forex Analysis

USDJPY's downward movement from 118.66 (Dec 15, 2016 high) extended to as low as 111.59. Near term resistance is at 113.95, as long as this level holds, the downtrend could be expected to continue, and next target would be at 110.00 area. On the upside, a break of 113.95 resistance will indicate that lengthier consolidation of the downtrend is underway, then further rise to 115.00 area could be seen.

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GBPUSD Daily Analysis - February 7, 2017 Forex Analysis

GBPUSD is testing 1.2412 support. As long as this level holds, the price action from 1.2673 could be treated as consolidation of the uptrend from 1.1986, and further rise to 1.2900 area is still possible. However, a breakdown below 1.2412 support will indicate that the uptrend had completed at 1.2706 already, then the following downward movement could bring price back to 1.2100 zone.

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EURUSD Daily Analysis - February 7, 2017 Forex Analysis

EURUSD is facing the support of the price channel on 4-hour chart. As long as the pair stays in the channel, the uptrend from 1.0340 could be expected to continue, and further rise to 1.0900 area is still possible. Key support is at 1.0620, only break below this level could signal completion of the uptrend.

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