GBPUSD broke above the down trend line resistance and formed a short term cycle bottom at 1.7537 on 4H chart. Further rise is expected to 1.8200 zone. Initial support is now located at 1.7537, only fall below this level will signal deeper decline towards 1.7300 zone.
USDJPY rebounded from 105.52 and formed a short term cycle bottom on 4H chart. Further rally to test 110.66 (Aug 15 high) resistance is now in favor. Near term support is at 107.75 followed by 105.52 level.
USDCHF is in consolidation to up trend. Pullback to test the support of the up trend line is possible later today. As long as 1.1007 support holds, we’d expect up trend to resume, and rise towards 1.1250 zone is still in favor.
USDCAD is testing 1.0541 support. Further fall to test 1.0410 could be seen if 1.0541 level gives way. However, resumption of up trend is expected before breaking below 1.0410 previous low.
AUDUSD breaks above the down trend line resistance and formed a short term cycle bottom at 0.8029 on 4H chart. Rise to test 0.8403 resistance is expected later today, a break of this level will indicate that the fall from 0.8812 has completed and further rally towards 0.8600 zone could be seen. Near term support is at 0.8029, only fall below this level will signal deeper decline to 0.7800 level.
EURUSD rebounded from 1.4196 and might be forming a short term cycle bottom on 4H chart. Sideways consolidation in a range between 1.4196 and 1.4542 could be seen in a couple of days.
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