USDJPY’s bounce from 86.26 extends to as high as 87.71. Further rally to 88.00-88.50 area to reach the next cycle top on 4-hour chart is still possible. Resistance is at the upper boundary of the falling price channel, now at 88.60, as long as the channel resistance holds, the price action from 86.96 is treated as consolidation of downtrend from 94.98 (May 5 high), and another fall towards 84.82 (2009 low) is still possible, only a clear break above the channel resistance could indicate that the fall from 94.98 is complete.
EURUSD trades in a range between 1.2732 and 1.3028. As the rising price channel is broken below, lengthier sideways movement in the range would more likely be seen in a couple of days and one more fall to 1.2600 area to reach the next cycle bottom is still possible. Key resistance is at 1.3028, a break above this level will indicate that the consolidation of uptrend is complete, then another rise to 1.3200-1.3300 area could be seen.
USDCAD formed a cycle top at 1.0585 on 4-hour chart and remains in downward movement. Another fall towards 1.0276 support is still possible later today, a break below this level could trigger another fall towards 1.0000 area. Key resistance is at 1.0585, a break above this level will indicate that the uptrend form 0.9930 has resumed, then another rise towards 1.0852 (May 25 high) could be seen.
GBPUSD broke above 1.5334 key resistance, suggesting that a cycle bottom had been formed at 1.5124 level on 4-hour chart. Now the pair is facing 1.5471 resistance, a break above this level could target 1.5522 (Apr 15 high) long term key resistance, above this level will indicate that the downtrend from 1.7042 (2009 high) is complete.
USDCHF broke above the falling trend line on 4-hour chart. Bounce towards 1.0675 key resistance is now in favor, as long as this level holds, the rise from 1.0394 is treated as correction of downtrend from 1.1730 (Jun 1 high), and another fall to 1.0300 is still possible, only rise above 1.0675 could indicate that the fall from 1.1730 has completed at 1.0394 already.
AUDUSD’s uptrend from 0.8315 extends to as high as 0.8970 level. Another rise is expected later today and next target would be at 91.00 area. Support is located at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.