USDCAD breaks below the lower line of the price channel on 4-hour chart, suggesting that lengthier consolidation of the uptrend from 0.9932 is underway. Range trading between 1.0216 and 1.0341 could be expected to continue in a couple of days. Resistance is at 1.0341, a break above this level will indicate that the uptrend has resumed, then further rise to 1.0400 area could be seen. On the downside, a breakdown below 1.0216 support will indicate that the uptrend from 0.9932 had completed at 1.0341 already, then deeper decline to 1.0150 area is possible.
After consolidation, EURUSD continues its downward movement from 1.3711, and the fall extends to as low as 1.2956. Further decline could be expected and next target would be at 1.2850 area. Key resistance is at 1.3180, only break above this level could signal completion of the downtrend.
AUDUSD is in uptrend from 1.0115, the fall from 1.0299 is likely correction of the uptrend. Another rise could be expected after correction, and a break above 1.0299 will confirm that the downtrend from 1.0597 had completed at 1.0115 already, then the following upward movement could bring price to 1.0700 area.
USDCHF’s upward movement from 0.9021 extends to as high as 0.9552. Further rise is still possible after a minor consolidation, and next target would be at 0.9600 area. Initial support is at 0.9465, followed by 0.9400, and the key support is located at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.
USDJPY’s upward movement from 90.93 extends to as high as 96.55. Further rise is still possible and next target would be at 98.00 area. Support is at 94.50, as long as this level holds, the uptrend will continue.
GBPUSD’s downward movement from 1.6339 extends to as low as 1.4887. Key resistance is now located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.4800 area. On the upside, a clear break above the channel resistance will indicate that a cycle bottom has been formed, and the downtrend from 1.6339 has completed.