GBPUSD’s rise from 1.5327 extended further to as high as 1.5715. Support is at 1.5500, as long as this level holds, uptrend could be expected to continue and the target would be at 1.5800 area. However, a breakdown below 1.5500 will indicate that a cycle top has been formed at 1.5715 on 4-hour chart and the rise from 1.5327 has completed, then the following downward move could bring price back to test 1.5327 previous low support.
USDJPY’s rise from 76.09 extended to as high as 77.01. Further rally is still possible in a couple of days, and target would be at 77.50 area. Support is now at the rising trend line on 4-hour chart, only a clear break below the trend line could trigger another fall to re-test 75.96 previous low support.
AUDUSD traded in a range between 0.9622 and 0.9984. Lengthier sideways movement in the range would likely be seen in a couple of days. The price action in the range is treated as consolidation of downtrend from 1.0764, another fall could be seen after consolidation.
EURUSD is in short term uptrend from 1.3362, the fall from 1.3689 is treated as consolidation of uptrend. Further rise is still possible later today, and target would be at 1.3800 area. Support is at 1.3500, only break below this level could indicate that a cycle top is being formed at 1.3689 on 4-hour chart, then deeper decline to test 1.3362 key support could be seen.
USDCAD broke above 1.0385 resistance, and reached as high as 1.0401. However, lengthier consolidation is still possible to continue in a couple of days, and pullback to 1.0150-1.0200 area to reach next cycle bottom on 4-hour chart would likely be seen.
USDCHF has reached the lower border of the price channel on 4-hour chart, as long as the channel support holds, we’d expect uptrend to resume, and another rise to 0.9500 area is still possible. Only a clear break below the channel could indicate that lengthier consolidation of uptrend is underway.