EURUSD is forming a short term cycle bottom at 1.2562 on 4-hour chart. Rebound towards 1.2950 zone could be seen in a couple of days. The pair is in sideways consolidation between 1.2329 (Oct 28 low) and 1.3290 (Oct 30 high), moving without trend in this range is expected in the next several days. Initial support is located at 1.2562, below this level will signal deeper decline to test 1.2329 previous low support.
USDCHF pulls back from 1.2198 level. As long as 1.1953 support holds, we’d expect up trend to resume, one more rise to test 1.2296 is still possible, and a break above 1.2198 will confirm the resumption of up trend. However, below 1.1953 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.
GBPUSD might be forming a short term cycle bottom at 1.4776 on 4-hour chart. Rebound could be seen to 1.5250 zone in a couple of days. Initial support is now located at 1.4776, fall below this level will signal resumption of down trend, and deeper decline is expected to 1.4000 zone.
Being contained by the support of 0.6332, AUDUSD rebounds to 0.6493 level. The pair might be forming a short term cycle bottom at 0.6332 level on 4-hour chart. Further rise is now in favor, a break above 0.6493 resistance will confirm the resumption of up trend, and target would be at 0.6800 zone. However, below 0.6332 will signal deeper decline towards 0.6200 level.
USDCAD is in down trend, and the rebound from 1.2125 is treated as correction to down trend. Further rise 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 92.64 level. Deeper decline is still possible 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.