EURUSD pulls back from 1.3069, and the fall could possibly be resumption of medium downtrend from 1.4719 (Dec 18, 2008 high). Further fall is now in favor, the next target would be at 1.2600 zone. However a break below 1.2706 is needed to confirm the resumption of the downtrend. Near term resistance is now at 1.3069, only rise above this level will signal further rally to test 1.3329 previous high resistance.
USDJPY continues to trade in the range between 87.98 and 90.74. Moving sideways without trend in this range is still in favor in a couple of days. Near term resistance is located at 90.74, a break above this level will signal further rally to 92.50 zone. Initial support support is at 88.58 followed by 87.98, below 87.98 will indicate that the medium term downtrend from 94.61 (Jan 6 high) has resumed, and then deeper decline could be seen to 86.00 zone.
USDCAD breaks below 1.2244 key support, suggesting that a short term cycle top has been formed at 1.2521 level on 4-hour chart. Deeper decline is now in favor, and the next target is at 1.2024 previous low, a break down below this level will signal further fall to 1.1850-1.1900 zone.
USDCHF continues to move sideways in a range between 1.1313 and 1.1714. Medium term key support is at 1.1313, below this level will indicate that the uptrend from 1.0366 (Dec 29 low) has completed, and then the following downtrend will take price back to 1.0800 zone. However, further rise above 1.1714 would more likely be seen after the sideways consolidation, a break above 1.1714 will signify that the uptrend from 1.0366 has resumed and the next target would be at 1.2000 zone.
AUDUSD is in medium downtrend. The price action form 0.6418 is treated as consolidation of the downtrend. Near term resistance is at 0.6545 and key resistance is at 0.6729. As long as 0.6729 level holds, we’d expect downtrend to resume, and pullback to 0.6100 is still possible after consolidation.
GBPUSD breaks above 1.4542 previous high resistance, suggesting that the short term uptrend from 1.3503 has resumed. Further rally could be seen to 1.4800 zone in a couple of days. Key support is now located at 1.4051, below this level will indicate that the rise from 1.3503 has completed and the following pullback could be seen to retest 1.3503 previous low support.