Being supported by the lower border of the price channel on 4-hour chart, USDCHF rebound from 1.1313. further rise to test 1.1714 is possible. As long as this level holds, we’d expect sideways consolidation to continue, and one more fall below 1.1313 would more likely be seen before breaking above 1.1714 level.
AUDUSD’s rebound extends to 0.6729 level. Further rise is still possible to test 0.6840 previous high resistance. A break above this level will signify the the downtrend from 0.7267 has completed. Key support is located at 0.6572, below this level will indicate that the rise from 0.6418 has completed, and deeper decline could be seen to 0.6500 zone.
Being contained by the previous high resistance at 1.3385, EURUSD pulls back from 1.3329 level, suggesting that a short term cycle top has been formed on 4-hour chart. Deeper decline is expected to 1.2850-1.2900 area and the key support at 1.2764 would more likely be held.
USDCAD’s short term downtrend from 1.2765 extends further to as low as 1.2024 level. Deeper decline is still possible to 1.1900 zone in a couple of days. Key resistance is now located at 1.2331, only rise above this level will suggest that the short term downtrend has completed.
USDJPY’s rebound from 87.12 extend to 90.74 level. Further rise to test 91.29 previous high resistance is possible. However, the price action from 88.47 (Jan 15 low) is treated as consolidation of the medium term downtrend from 94.61. As long as 91.29 resistance holds, we’d expect downtrend to resume, and fall towards 84.00 zone is still in favor after consolidation.
GBPUSD is in short term uptrend. Further rise could be seen to 1.4650 zone in a couple of days. Near term support is at 1.4025, only fall below this level will indicate the the rebound from 1.3503 has completed.