Being contained by the previous low support at 1.9720, GBPUSD formed a short term cycle bottom at 1.9736 level. The pair is in consolidation to the down trend. Deeper decline is still possible after consolidation, and a break of 1.9736 level will indicate that the consolidation has completed and then further fall to retest 1.9337 (Jan 22 low) could be seen.
EURUSD is in sideways consolidation in a range between 1.5342 and 1.5472. Initial resistance is now located at 1.5530, as long as this resistance holds, we’d expect down trend to resume and deeper decline to 1.5200 area is still in favor.
USDCHF’s up trend remains and extends to as high as 1.0249. Further rally to test 1.0352 level is still possible after consolidation. Near term support is at the rising price channel now at 1.0095, as long as the channel support holds, we’d expect up trend to continue.
Being contained by the previous high resistance at 1.0378 (Jan 22 high), USDCAD pulls back from 1.0307. Consolidation would more likely be seen in a couple of days. Near term support is at 1.0010, a break of this level will signal the reversal to the up trend.
AUDUSD is in consolidation to the down trend. As long as near term resistance at 0.9150 holds, we’d expect down trend to resume, and a break down of previous low support at 0.8953 will signal the resumption of the down trend.
As expected, USDJPY break above 100.45 previous high, and reaches as high as 101.03. Further rise to 102.00 area to reach the next short term cycle top on 4-hour chart is still possible in a couple of days. As long as the trend line support holds, we’d expect up trend to continue.