USDCHF trades in a range between 1.1313 and 1.1714. The rebound from 1.1313 is more likely correction of the short term downtrend from 1.1714. As long as 1.1714 previous high resistance holds, we’d expect the downtrend to resume, and pullback towards 1.1200 would more likely be seen before breaking above 1.1714 level.
AUDUSD breaks below 0.6572 key support, suggesting that a short term cycle top has been formed at 0.6729 level on 4-hour chart. Deeper decline is expected to 0.6300 zone in next several days. Initial resistance is at 0.6550, as long as this level holds, downtrend will continue.
EURUSD formed a short term cycle top at 1.3329 on 4-hour chart, and the fall from this level extends to as low as 1.2882 level. Deeper decline is still possible to retest 1.2764 previous low support. However, 1.2764 level will more likely be held, and sideways consolidation in a range between 1.2764 and 1.3329 is expected to follow next week.
USDCAD might be forming a short term cycle bottom at 1.2024 level on 4-hour chart. Further rally is expected to 1.2500 zone. Near term support is at 1.2024, only fall below this level will signal deeper decline to 1.1900 level.
USDJPY might be forming a short term cycle top at 90.74 on 4-hour chart. Pullback to test 87.12 previous low support is expected. Key support is now at 88.42, a break below this level will confirm the resumption of downtrend.
No changed in our view, 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.