EURUSD formed a short term cycle top at 1.3290 level on 4-hour chart. Pullback to retest 1.2329 is possible later today. As long as this level holds, we’d expect up trend to resume and a break of 1.3290 will confirm that the fall from 1.4867 (Sep 22 high) has completed, and then further rally could be seen to 1.4500 zone. However, below 1.2329 will signal resumption of long term down trend, and target would be at 1.2000 level.
GBPUSD dropped below 1.6212 key support, suggesting that a short term cycle top has been formed at 1.6671 level on 4-hour chart. Pullback to retest 1.5269 previous low support is now in favor, a break through this level will signal deeper decline towards 1.4500 zone.
USDCHF rebounded sharply from 1.1208, suggesting that a short term cycle bottom has been formed on 4-hour chart. Further rise to test 1.1746 could be seen later today. As long as this level holds, we’d expect down trend to resume and one more fall below 1.1208 is still possible. However, above 1.1746 previous high will signal further rally towards 1.2000 zone.
USDJPY traded in a narrow range between 96.07 and 99.68. Key support is located at 96.07, a break down below this level will indicate that a short term cycle top has been formed at 99.68 level, and then pullback to retest 90.92 previous low could be seen.
USDCAD is forming a short term cycle bottom at 1.1900 level on 4-hour chart. A break above 1.2375 key resistance will confirm the cycle bottom and then further rally could be seen to 1.2700 zone. However, the rise is treated as consolidation to down trend, key resistance at 1.3015 would be held in a couple of weeks.
AUDUSD is forming a short term cycle top at 0.6891 level on 4-hour chart. A break below 0.6549 key support will confirm the cycle top, and then pullback to retest 0.6008 previous low support could be seen.