EURUSD breaks above the resistance of the upper line of the price channel on 4-hour chart, suggesting that the downtrend from 1.3201 had completed at 1.2955 already. Further rise to test 1.3201 resistance could be expected, a break above this level will signal resumption of the uptrend from 1.2747, then next target would be at 1.3500 zone. Support is at 1.3020, only break below this level could trigger another fall to 1.2900 area.
GBPUSD remains in short term uptrend from 1.5197, and the rise extends to as high as 1.5546. Further rise is still possible after a minor consolidation, and next target would be at 1.5600 area. Support is at 1.5415, only break below this level will indicate that consolidation of the longer term uptrend from 1.4831 (Mar 12 low) is underway, then pullback to 1.5300 area could be seen.
USDCAD’s fall from 1.0293 extends to as low as 1.0107. Further decline could be expected, and next target would be at 1.0000 area. Resistance is at 1.0155, only break above this level will indicate that consolidation of the downtrend is underway, then range trading between 1.0100 and 1.0170 could be seen.
USDJPY is forming a sideways consolidation in a range between 95.83 and 99.94. Another fall to test 95.83 support would likely be seen, as long as this level holds, we’d expect the uptrend from 77.14 (Sep 13, 2012 low) to resume, and one more rise towards 105.00 is still possible.
USDCHF’s fall from 0.9498 extends to as low as 0.9354. Further decline could be expected, and next target would be at 0.9300 area. Resistance is at 0.9420, as long as this level holds, the downtrend will continue.
After correction, AUDUSD continues its upward movement from 1.0220 and reaches as high as 1.0357. Further rise could be expected, and the target would be at 1.0400 – 1.0450 area. Support is at 1.0270, only break below this level could trigger another fall towards 1.0000.