USDJPY’s fall from 80.62 extends to as low as 79.23. Further decline towards the lower line of the price channel on 4-hour chart could be seen, a clear break below the channel support will indicate that the upward movement from 77.66 has completed at 80.62 already, then the following downward movement could bring price to 76.00-77.00 area. On the other side, as long as the channel support holds, the fall from 80.62 could be treated as consolidation of the uptrend from 77.66, and one more rise towards 83.00 is still possible.
USDCHF’s upward movement from 0.9421 extends to as high as 0.9651. Further rise could be expected after a minor consolidation and next target would be at 0.9700 area. Support is now at 0.9585, only break below this level could indicate that a cycle top is being formed on 4-hour chart, and consolidation of the uptrend from 0.9421 is underway, then pullback to 0.9500 area to completed the consolidation could be seen.
GBPUSD remains in downtrend from 1.5776, the rise from 1.5538 is treated as consolidation of the downtrend. Another fall could be expected after consolidation and next target would be at 1.5450 area. Resistance is at 1.5685 followed by 1.5776, only break above these levels could trigger another rise towards 1.6000.
EURUSD’s fall from 1.2747 extends to as low as 1.2442. Further decline is still possible after a minor consolidation, and next target would be at 1.2350 area. Resistance is now at 1.2530, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart, and consolidation of the downtrend is underway, then further rise to 1.2600-1.2650 area could be seen.
AUDUSD is now in downtrend, the rise from 0.9968 is treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 0.9850 area. Key resistance is at 1.0223, only break above this level could signal resumption of the uptrend from 0.9581.
No changed in our view, USDCAD is in downtrend from 1.0445, the price action from 1.0200 is likely consolidation of the downtrend. Further rise would likely be seen, and the target would be 1.0350 area. As long as 1.0445 key resistance holds, we’d expect downtrend to resume, and another fall towards 1.0000 is still possible after consolidation.