USDCAD’s upward movement from 1.0083 extends to as high as 1.0293. Further rise to test 1.0341 resistance would likely be seen, a break above this level will indicate that the longer term uptrend from 0.9632 (Sep 14, 2012 low) has resumed, then further rise to 1.0500 area could be seen to follow. On the downside, as long as 1.0341 resistance holds, the rise from 1.0083 would possibly be correction of the downtrend from 1.0341, another fall towards 1.0000 is still possible after correction.
USDJPY has formed a cycle bottom at 95.83 on 4-hour chart. Another rise to test 99.94 previous high resistance would likely be seen, a break above this level will indicate that the uptrend from 77.14 (Sep 13, 2012 low) has resumed, then further rise towards 105.00 could be seen. On the other side, as long as 99.94 resistance holds, lengthier consolidation of the uptrend could be expected, and one more fall to 94.00 – 94.50 area to complete the consolidation is still possible.
USDCHF breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9206, and consolidation of the downtrend from 0.9553 is underway. Further rally would likely be seen, and the target would be at 0.9400 area. Support is at 0.9206, only break below this level could trigger another fall towards 0.9000.
GBPUSD’s fall from 1.5411 extends to as low as 1.5217. Deeper decline to test the support of the upward trend line is still possible. As long as the trend line support holds, the fall from 1.5411 is treated as consolidation of the uptrend from 1.4831, another rise towards 1.5600 is still possible after consolidation. On the downside, a clear break below the trend line support will suggest that the uptrend from 1.4831 had completed at 1.5411 already, then the following downward movement could bring price to 1.4500 zone.
AUDUSD’s downward movement from 1.0582 extends further to as low as 1.0268. Deeper decline is still possible and next target would be at 1.0200 area. Resistance is at 1.0400, only break above this level could signal completion of the downtrend.
EURUSD breaks below the upward trend line on 4-hour chart, suggesting that consolidation of the uptrend from 1.2747 is underway. Deeper decline is still possible, and the target would be at 1.2900 – 1.2950 area. Resistance is at 1.3201, only break above this level could trigger another rise towards 1.3500.