USDCHF might be forming a short term cycle bottom on 4-hour chart and the rise could possibly be resumption of up trend. Further rally to test 1.1249 is expected in a couple of days, a break of this level will signal further rise towards 1.1416 previous high. Initial support is at 1.0899, only break down below this level will signal deeper decline to test the support of 1.0842 (Aug 21 low).
USDJPY traded in a range between 103.54 and 106.71. The rebound from 103.54 could possibly be resumption of up trend, a break of 106.71 resistance will indicate that a short term cycle bottom has been formed at 103.54 level, and then rise towards 109.18 resistance is expected to follow. Only fall below 103.54 will signal deeper decline towards 102.00-50 area.
AUDUSD breaks above 0.8074 and formed a short term cycle bottom at 0.7802 on 4-hour chart. Further rally to test 0.8262 resistance is possible later today. However, the rise from 0.7802 is treated as correction to down trend. Key resistance is located at 0.8353, only break thought this level will signal reversal to down trend.
No changed in our view, USDCAD traded in a range between 1.0541 and 1.0819 for several days. One more fall towards 1.0500 to reach the next cycle bottom on 4-hour chart is still in favor. Initial resistance is at 1.0819, above this level will signal further rally to 1.0900 zone.
EURUSD breaks above 1.4481 and reaches 1.4542 only. The pair might be forming a short term cycle top on 4-hour chart. Pullback to test 1.4071 is now in favor. Only rise above 1.4542 will signal further rally towards 1.4700 zone.
GBPUSD pulls back from 1.8277 and might be forming a short term cycle top on 4-hour chart. Deeper decline is expected to test 1.7731 support. Only rise above 1.8277 level will signal further rally towards 1.8480 zone.
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