Being contained by 90.12 precious low support, USDJPY rebounded from 90.48 level. Further rise to test 92.53 resistance would more likely be seen later today, a break above this level will confirm that the fall from 97.78 has completed at 90.12 level already, then the following uptrend will take price to 94.00 zone. Near term support is at 90.48 and key support is located at 90.12, only fall below 90.12 will indicate that the downtrend from 97.78 has resumed, then deeper decline is expected to 89.00 level.
EURUSD is testing the support of rising trend line on 4-hour chart, a clear break below the trend line support will suggest that a short term cycle top is being formed at 1.4843 level, then pullback 1.4450 zone could be seen to follow. Near term resistance is now located at 1.4843, only rise above this level will indicate that the uptrend from 1.4177 has resumed, then the next target would be at 1.5000 zone.
USDCAD stays in a trading range between 1.0590 and 1.0925. Deeper decline to test 1.0590 is still possible in a couple of days, a break below this level will signal further fall towards 1.0500 zone. Key resistance is located at 1.0925, above this level will indicate that the fall form 1.1124 has completed at 1.0590 level already, and the following uptrend will take price to 1.1200 zone.
GBPUSD may be forming a short term cycle top at 1.6467 level on 4-hour chart. Further fall to test 1.6133 would more likely be seen in a couple of days, a breakdown below this level will signal further fall towards 1.5850-1.5900 area. Only rise above 1.6467 will indicate that the short term uptrend from 1.6133 has resumed, then the next target would be at 1.6550 zone.
Being supported by the rising trend line on 4-hour chart, AUDUSD rebounds from 0.8651 level, suggesting that the pair remains in uptrend from 0.8155. Further rise is still possible to 0.8800 zone in a couple of days. However, a clear break below this trend line support will indicate that a short term cycle top is being formed, then consolidation in a range between 0.8543 and 0.8788 could be seen to follow.
USDCHF stays below the falling trend line on 4-hour chart and remains in downtrend from 1.0698. As long as the trend line resistance holds, we’d expect downtrend to continue and deeper decline to 1.0100 is possible in a couple of days. However, a clear break above the trend line resistance will indicate that a short term cycle bottom is being formed at 1.0186, then consolidation between 1.0186 and 1.0422 could be seen to follow.