USDCHF has found support at the lower border of the rising price channel on 4-hour chart. Sideways movement between 1.0387 and 1.0507 is expected later today. As long as 1.0387 support holds, we’d expect uptrend to continue and another rise towards 1.0550 area is still possible. However, below 1.0387 will indicate that a short term cycle top has been formed at 1.0507, and the uptrend from 0.9959 has completed, then deeper decline could be seen to 1.0300 zone.
EURUSD remains in downtrend from 1.5140. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue. Key resistance is located at 1.4450, only rise above this level could indicate that a short term cycle bottom has been formed, then correction of downtrend could be seen to follow.
GBPUSD continues its bearish movement from 1.6409 and the fall extends further to as low as 1.6028 level. Further fall is still in favor and next target would be at 1.5950 area. Resistance is at 1.6250, only rise above this level could indicate that a short term cycle bottom has been formed and the fall from 1.6409 has completed.
AUDUSD’s fall from 0.9193 extends further to as low as 0.8763. As long as 0.8915 key resistance holds, downtrend is expected to continue and next target would be at 0.8700 area. Only break above 0.8915 level could indicate that a short term cycle bottom has been formed and the downtrend from 0.9193 has completed.
USDJPY is in uptrend from 87.37. Further rally is still possible to 91.50 area in a couple of days. Initial support is at 90.80 and key support is located at the lower border of the rising price channel on 4-hour chart, only a clear break below the channel support could indicate that the uptrend from 87.37 has completed, then the following pullback could take price to 88.00 area.
USDCAD dropped sharply to the lower border of the rising price channel on 4-hour chart. The subsequent rebound from 1.0536 suggests that the pair has found support from the price channel and a short term cycle bottom has been formed. Another rise to re-test 1.0748 key resistance is now in favor and a break above this level could trigger a sharp move towards 1.1000 area.