USDJPY is in short term uptrend, and the rise from 89.72 extends to 94.61 level. As long as 92.83 level holds, we’d expect uptrend to continue, and the short term target would be at 96.00 zone. However, below 92.83 will signify that the rise from 87.13 has completed, and then deeper decline could be seen to retest 87.00 support.
AUDUSD is moving to the next short term cycle top on 4-hour chart. Further rally to 0.7350 level is still possible later today. However, the next cycle top is nearing, key support is now located at 0.7033, a break below this level will indicate that the cycle top has been formed and the following pullback would take price back towards 0.6900 zone.
USDCAD breaks below 1.1820 previous low support. Further fall is still possible to 1.1600 zone in a couple of days. Near term resistance is located at 1.1900, a break above this level will indicate that a short term cycle bottom has been formed, and rebound towards 1.2000 zone could be seen.
GBPUSD’s rebound from 1.4350 extends to as high as 1.4992 level. Further rise to 1.5200 to reach the next short term cycle top is still possible in a couple of days. Initial support is at the up trend line on 4-hour chart, only break below the trend line support will signal resumption of downtrend.
EURUSD is in short term downtrend. The fall from 1.4360 extends to 1.3313 level. Deeper decline is still possible in a couple of days, and target would be at 1.3200 zone. Key resistance is located at 1.3658, a break above this level will indicate that a short term cycle bottom has been formed, and further rebound could be seen to 1.3850 zone.
USDCHF breaks above 1.1130 resistance. Further rally could be seen to 1.1400 zone in a couple of days. Initial support is located at 1.1040, only fall below this level will indicate that the uptrend from 1.0366 has completed.