USDJPY might be forming a short term cycle bottom at 97.91 level on 4-hour chart. Key resistance is at 101.48, a break above this level will confirm the cycle bottom and signal further rally to test 103.29 resistance. However, break down below 97.91 level will take price back to down trend, and short term target would be at 97.00 zone.
EURUSD formed a short term cycle top at 1.3785 level and the fall from 1.4867 (Sep 22 high) extends further to 1.3258 level. The pair remains in down trend and the rise from 1.3258 is treated as consolidation to down trend. Swing in a range between 1.3258 and 1.3906 could be seen in a couple of days. As long as 1.3906 key resistance holds, we’d expect down trend to resume and deeper decline is still possible after consolidation.
GBPUSD stays below the trend line from 1.8668 to 1.7659 and remains in down trend. The rebound from 1.6786 is treated as consolidation to down trend. As long as the trend line resistance holds, we’d expect down trend to resume, and deeper decline could be seen to 1.6500 zone after consolidation.
USDCHF formed a short term cycle bottom at 1.1128 on 4-hour chart. Consolidation in a range between 1.1128 and 1.1486 could be seen in a couple of days. Further rise is still possible to 1.1800 zone after consolidation, and a break of 1.1486 will signal resumption of up trend. Only fall below 1.1128 level will indicate that the rise from 1.0693 (Sep 22 low) has completed, and then pullback towards 1.0000 zone is expected to follow.
AUDUSD formed a short term cycle top at 0.7133 level on 4-hour chart, and is in consolidation to down trend. Trade in range between 0.6330 and 0.7133 could be seen in a couple of days. Resistance at 0.7133 will more likely be held, and deeper decline is still possible to 0.6000 after consolidation.
USDCAD is forming a short term cycle top at 1.2123 on 4-hour chart. Consolidation could be seen in a couple of days, and pullback to test the support of the up trend line is expected, a break below the trend line support will indicate that the up trend from 1.0297 has completed. Only rise above 1.2123 will signal further rally towards 1.2400.