USDCHF broke above 1.0924 resistance and formed a short term cycle bottom at 1.0824 on 4-hour chart. Further rise towards 1.1200 could be seen in next few days. Initial support is at 1.0824, as long as this level holds, we’d expect uptrend to continue.
No changed in our view, USDJPY will form a sideways consolidation in a range between 108.36 and 110.40 in next few days. As long as 107.28 support holds, we’d expect up trend to resume, and further rise towards 112.00 is still possible after consolidation. Only break below 107.28 support will signal reversal to up trend.
USDCAD might be forming a short term cycle bottom at 1.0562 on 4-hour chart. Key resistance is located at 1.0727 previous high, a break above this level will confirm the cycle bottom. As long as 1.0562 level holds, we’d expect sideways consolidation in a couple of days and further rise towards 1.1000 is still possible after consolidation.
AUDUSD might be forming a short term cycle top at 0.8795 on 4-hour chart. Key support is now located at 0.8591, a break below this level will confirm the cycle top, and then deeper decline could be seen to 0.8400 level. Only rise above 0.8795 would take price back to test 0.8952 resistance.
GBPUSD’s down trend remains, the rebound from 1.8619 is treated as consolidation to down trend. Deeper decline towards 1.8500 is still possible later today. Near term resistance is now located at 1.8980 and followed by 1.9256, only break of 1.8980 level will signal consolidation to down trend.
EURUSD broke below 1.4815 support and formed a short term cycle top at 1.4977 level on 4-hour chart. Further fall towards 1.4600 is still possible in next few days. Initial resistance is located at 1.4977, only break above this level will signal lengthier correction to down trend.
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