USDCHF pulls back quickly to as low as 1.1376 and breaks through 1.1430 key support, suggesting that the medium term uptrend from 1.0366 (Dec 29, 2008 low) has completed at 1.1963 level already. Further decline could be seen to 1.1200 zone in a couple of days. Near term resistance is now at 1.1520, as long as this level holds, we’d expect the downtrend from 1.1963 to continue.
GBPUSD rebounds sharply and breaks above 1.4305 key resistance, suggesting that the fall from 1.4985 has completed at 1.3654 level already. Further rally could be seen to 1.4600 zone in a couple of days. Near term support is now at 1.4100, as long as this level holds, the uptrend from 1.3654 will continue.
EURUSD moves sharply to as high as 1.3534. Further rise is still possible to 1.3800 zone in a couple of days. Initial support is at 1.3280, as long as this level holds, we’d expect the uptrend from 1.2456 to continue.
After touching the lower border of the price channel on 4-hour chart, AUDUSD rebound sharply to as high as 0.6813 level. Further rise to test 0.6849 (Feb 9 high) resistance is expected in a couple of days, above this level will signal further rally to 0.7000 zone. Near term support remains at the lower border of the price channel, only drop below the channel support will indicate that the uptrend from 0.6284 has completed.
USDJPY has formed a short term cycle top at 98.96 level on 4-hour chart and is testing the previous low support at 95.65. A break below this level will signal deeper decline to 94.50-95.00 area. However, the price action from 99.67 is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low), further rise to 102.00 is still in favor after consolidation.
USDCAD falls below the medium term key support at 1.2500, suggesting that the fall from 1.3063 is resumption of medium term downtrend. Deeper decline is now in favor. The next target would be at 1.2300 zone. Initial resistance is now located at the falling trend line on 4-hour chart now at 1.2733, as long as this level holds, we’d expect the downtrend from 1.3063 to continue.