USDCHF breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom is being formed at 0.9264 on 4-hour chart, and consolidation of the downtrend from 0.9553 is underway. Further rally would likely be seen, and the target would be at 0.9350 – 0.9400 area. As long as 0.9400 resistance holds, the downtrend could be expected to resume, and another fall towards 0.9000 is still possible after consolidation.
USDJPY’s downward movement from 99.94 extends to as low as 95.83. Deeper decline is still possible and next target would be at 95.00 area. Resistance is at 98.35, a break above this level will indicate that a cycle bottom has been formed at 95.83 on 4-hour chart, then further rise to test 99.94 previous high resistance could be seen.
GBPUSD remains in uptrend from 1.4831, the price action from 1.5363 is treated as consolidation of the uptrend. Deeper decline is still possible and the target would be at the upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise to 1.5500 area is still possible, only a clear break below the trend line support could signal completion of the uptrend.
AUDUSD’s downward movement from 1.0582 extends to as low as 1.0290. Resistance is at 1.0400, as long as this level holds, another fall is still possible and next target would be at 1.0200 area. On the upside, a break above 1.0400 resistance will indicate that a cycle bottom has been formed at 1.0290 on 4-hour chart, and the downward movement from 1.0582 has completed, then another rise towards 1.0700 could be seen.
USDCAD breaks above 1.0235 resistance, suggesting that consolidation of the downtrend from 1.0341 is underway. Further rise is still possible and next target would be at 1.0300 area. Support is at 1.0180, only break below this level could bring price back to test 1.0083 support.
EURUSD had formed a cycle top at 1.3138 on 4-hour chart. However, a fall from 1.3138 is likely consolidation of the uptrend from 1.2747, as long as 1.2950 support holds, the uptrend could be expected to resume, and another rise towards 1.3500 is still possible.