GBPUSD broke above the upper line of the price channel on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 1.6339 is underway. Range trading between 1.5630 and 1.5900 would likely be seen in a couple of days. Key resistance is at 1.5900, as long as this level holds, the downtrend could be expected to resume, and another fall to 1.5500 area is still possible. However, a break above 1.5900 resistance will indicate that the downward movement from 1.6339 had completed at 1.5630 already, then the following upward move could bring price back to 1.6500 zone.
USDJPY broke below the lower line of the price channel on 4-hour chart, suggesting that a cycle top had been formed at 94.05, and the consolidation of the uptrend from 79.07 (Nov 9, 2012 low) is underway. Further decline could be expected in a couple of days, and the target would be at 91.00 area. Key resistance is now at 94.05, only break above this level could trigger another rise to 95.00 zone.
EURUSD’s downward movement from 1.3711 extends to as low as 1.3354. Further decline is still possible, and next target would be at 1.3250 area. Resistance is at 1.3500, only break above this level will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.3711 has completed.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0597, and the fall extended to as low as 1.0254 last Friday. As long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.0200 is still possible, only a clear break above the trend line resistance could signal completion of the downtrend.
USDCHF is now in short term uptrend from 0.9021, and the rise extends to as high as 0.9201. Further rise is still possible and next target would be at 0.9250 area. Support is at 0.9100, only break below this level could trigger another fall to 0.8950 zone.
USDCAD’s bounce from 0.9932 extends to as high as 1.0040, suggesting that a cycle bottom has been formed at 0.9932 on 4-hour chart. However, the bounce is likely correction of the downtrend from 1.0100, as long as 1.0100 key resistance holds, the downtrend could be expected to resume, and another fall to 0.9800 area is still possible, only break above 1.0100 could trigger another rise towards 1.0300.