USDCHF formed a short term cycle bottom at 1.1828. The rise from 1.1828 could possibly be resumption of up trend. Further rally could be seen to test 1.2296 previous high resistance. A break above this level will signal resumption of long term up trend, and the next target would be at 1.2500 zone. Initial support is now at 1.1953, only fall below this level will indicate that lengthier consolidation of long term up trend is underway, and the following pullback would take price back to test 1.1828 support.
EURUSD is in range trading between 1.2329 (Oct 28 low) and 1.3290 (Oct 30 high). The fall from 1.3080 extends further to as low as 1.2581 level. Deeper decline to 1.2500 zone to reach the next short term cycle bottom on 4-hour chart is still possible. However, the next cycle bottom is nearing, rebound is expected before breading below 1.2389 level.
GBPUSD breaks below 1.5177 key support and pulls back to as low as 1.4807 level. Deeper decline to reach the next short term cycle bottom is still possible later today. However, the next cycle bottom is nearing, and rebound could be seen before breaking below 1.4557 previous low. Key support is now located at 1.4557, a break down below this level will signal resumption of long term down trend, and then the next target would be at 1.4000 level.
AUDUSD is testing the 0.6332 key support. A break below this level will indicate that a short term cycle top has been formed at 0.6617 level on 4-hour chart, and then deeper decline could be seen to retest 0.6008 (Oct 27 low) support.
USDCAD breaks above 1.2478 resistance, suggesting that lengthier consolidation of down trend is underway. Further rebound is still possible to 1.2700 zone in a couple of days. As long as 1.2700 resistance holds, we’d expect downtrend to resume, and deeper decline is still possible to 1.1800 level.
USDJPY breaks below 93.55 support and reaches as low as 92.88 level. Deeper decline is expected to 92.00 zone in a couple of days. The long term key support of 90.92 (Oct 24 low) would more likely be held, and rebound could be seen before breaking below this level.