GBPUSD trades in a range between 1.4134 and 1.4606. The fall from 1.4606 could possibly be resumption of the downtrend from 1.4985. Further fall is expected to test 1.3503 previous low support, and a break below 1.4051 would confirm the resumption of the downtrend. Near term resistance is located at 1.4606, above this level will indicate lengthier consolidation of the downtrend is under ways.
AUDUSD trades in a range between 0.6428 and 0.6641. Below 0.6428 will signal further fall to 0.6300 zone. Key resistance is located at 0.6641, a break above this level will indicate that a short term cycle bottom has been formed at 0.6428 level on 4-hour chart, and rebound towards 0.7000 could be seen to follow.
EURUSD breaks below 1.2706 previous low support, suggesting that the medium term downtrend from 1.4719 (Dec 18, 2008 high) has resumed. Deeper decline is expected to 1.2500 zone in a couple of days. Initial resistance is now at 1.2942, only rise above this level will indicate that the short term downtrend from 1.3093 has completed.
No changed in our view, USDCAD is trading in a range between 1.2024 and 1.2765. Further rise is still possible to 1.2650 zone in a couple of days. Near term support is at 1.2279, only fall below this level will signal deeper decline to 1.2000 zone.
Being contained by the previous high resistance at 92.40. USDJPY formed a sideways consolidation in a narrow range between 91.42 and 92.15. Further rise is still in favor after consolidation, and the next short term target would be at 93.50 zone.
USDCHF stays in a price channel on 4-hour chart. As long as the channel support holds, we’d expect short term uptrend from 1.1313 to continue. Key support is now located at 1.1501, below this level will indicate that the rise from 1.1313 has completed.