Being supported by the lower line of the price channel on 4-hour chart, USDJPY rebounds from 79.27, suggesting that a cycle bottom is being formed. Further rise would likely be seen and the first target would be at 80.00-80.25 area. Key support is now at 79.27, only break below this level could indicate that the longer term uptrend from 77.43 has completed at 80.37 already, then the following downward movement could bring price to 77.00 zone.
GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.6309. As long as the trend line resistance holds, the rise from 1.5913 could be treated as consolidation of the downtrend, another fall towards 1.5800 area is still possible after consolidation. On the upside, a break above 1.5143 will indicate that the fall from 1.6309 has completed, then further rise towards 1.6309 previous high could be seen.
EURUSD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom is being formed. Further rise could be expected and the first target would be at 1.3050 area. Support is at 1.2883, only break below this level could trigger another all to test 1.2803 support.
USDCHF breaks below the upward trend line on 4-hour chart, suggesting that a cycle top has been formed at 0.9385. Further decline could be expected and the first target would be at 0.9250 area. Resistance is at 0.9385, only break above this level could trigger another rise to test 0.9437 resistance.
Being contained by 1.0410 resistance, AUDUSD moves sideways in a narrow range above 1.0304. As long as 1.0304 support holds, one more rise to test 1.0410 resistance could be expected, a break above this level will signal resumption of the uptrend from 1.0149, then further rise to 1.0500 area could be seen, only break below 1.0304 could trigger another fall towards 1.0000.
USDCAD’s upward movement from 0.9763 extends to as high as 1.0019. Support is now located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the upward movement could be expected to continue, and next target would be at 1.0050 area. On the downside, a clear break below the channel support will suggest that a cycle top is being formed, then pullback to 0.9800-0.9850 area could be seen.