USDCAD breaks above 1.2297 resistance and rebounds sharply to as high as 1.2493 level, suggesting that the pair is back to range trading between 1.2024 and 1.2765. Initial resistance is now at 1.2538, a break above this level will signal further rally to test 1.2765 previous high resistance. However, pullback would more likely be seen before breaking above 1.2538 level, and one more fall below 1.2024 to reach the next cycle bottom on daily chart is expected.
USDJPY breaks below 90.72 support, suggesting that a short term cycle top has been formed at 92.40 on 4-hour chart. Pullback to test 88.58 support is expected in a couple of days, a break down below this level will indicate that the uptrend from 87.12 has completed, and further fall below 87.12 could be seen to follow.
USDCHF is running in a price channel on 4-hour chart. As long as the support of the lower border of the price channel holds, we’d expect short term uptrend from 1.1313 to continue. Medium term key support is located at 1.1313, below this level will indicate that the rise from 1.0366 (Dec 29,2008 low) has completed.
After breaking above 1.3069 resistance, EURUSD pulls back from 1.3093 and consolidates above 1.2800 level. Moving sideways in a range between 1.2706 and 1.3329 is still in favor, and further rebound could be seen to 1.3200 zone in a couple of days. Key support is located at 1.2706, a break below this level will indicate that the consolidation from 1.2706 has completed, and further fall is expected to 1.2500 area.
AUDUSD fall below 0.6627 support, suggesting that a short term cycle top has been formed at 0.6849 level on 4-hour chart. However, the fall from 0.6849 is treated as correction of the short term uptrend from 0.6248, as long as 0.6248 support holds, we’d expect uptrend to resume, and further rally could be seen to 0.7100 after correction.
GBPUSD is testing the support of the lower border of the price channel on 4-hour chart. Below the channel support will indicate that the short term uptrend from 1.3503 has completed and deeper decline could be seen to 1.4100 zone. As long as the channel support holds, we’d expect uptrend to resume, and further rally is possible to 1.5300 area.