USDJPY breaks out of the trading range between 87.98 and 90.74 and reaches as high as 92.23 level, suggesting that a short term cycle bottom has been formed at 88.58 on 4-hour chart. Further rise is still possible, and the next target would be at 94.00 zone. Initial support is now at 88.58, only fall below this level will take price back to retest 87.12 previous low support.
EURUSD is in medium term downtrend and the fall from 1.3069 is more likely resumption of the downtrend. Deeper decline is now in favor, the next target would be at 1.2600 zone. We are waiting for a break below 1.2706 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.
USDCAD formed a short term cycle top at 1.2521 on 4-hour chart. Pullback to test 1.2024 previous low support is now in favor. Near term resistance is located at 1.2521, only rise above this level will signal further rally to 1.2650 zone.
USDCHF breaks above 1.1714 previous high resistance, suggesting that the uptrend from 1.0366 (Dec 29 low) has resumed. Further rally could be seen to 1.2000 zone in a couple of days. Initial support is now at 1.1650, as long as this level holds, the short term uptrend from 1.1399 will continue.
No changed in our view, AUDUSD is in medium downtrend. The price action form 0.6418 is treated as consolidation of the downtrend. Near term resistance is at 0.6729. As long as this level holds, we’d expect downtrend to resume, and pullback to 0.6100 is still possible after consolidation.
GBPUSD’s uptrend from 1.3503 extends to 1.4702 level. Further rise is still possible to 1.5000 zone later today. Initial support is located at 1.4323, as long as this level holds, we’d expect the short term uptrend to continue.