EURUSD has formed a cycle top at 1.4535 on 4-hour chart. Further decline would likely be seen later today, and first target would be at the lower border of the price channel. As long as the channel support holds, the fall from 1.4535 is treated as consolidation of uptrend from 1.3837, and one more rise towards 1.4700 is still possible, however, a clear break below the channel support will indicate that the rise from 1.3837 has completed.
USDCAD broke above the price channel on 4-hour chart, suggesting that lengthier consolidation of downtrend from 0.9777 is underway. Range trading between 0.9406 and 0.9529 would likely be seen in a couple of days. As long as 0.9529 resistance holds, another fall could be expected after consolidation and a breakdown below 0.9406 will signal resumption of downtrend.
No changed in our view, USDCHF remains in downtrend from 0.8276. Further fall is still possible in a couple of days, and next target would be at 0.7800 area. Resistance levels are at 0.8070 and 0.8100, as long as these levels hold, downtrend will continue.
USDJPY stays below a downtrend line on 4-hour chart, and remains in downtrend. Further decline is still possible in a couple of days, and next target would be at 77.00 area. Resistance is at the trend line, only a clear break above the trend line could indicate that a cycle bottom is being formed at 77.57 on 4-hour chart.
GBPUSD has formed a cycle top at 1.6438 on 4-hour chart. Consolidation of uptrend from 1.5781 could be seen in a couple of days, and the trading range would be between 1.6200 and 1.6438. as long as 1.6200 support holds, we’d expect uptrend to resume, and another rise towards 1.6600 is still possible.
AUDUSD stays above a uptrend line on 4-hour chart, and remains in uptrend. Further rise is still possible in a couple of days, and next target would be at 1.1200 area. Support is now at 1.0940, only break below this level could signal consolidation of uptrend.