USDCAD breaks below 1.2466 support, suggesting that a short term cycle top has been formed at 1.2672 on 4-hour chart. Moving sideways would more likely be seen in a couple of days. Near term resistance is locate at 1.2672, above this level will indicate that the short term uptrend from 1.2024 is underway, and further rally could be seen to 1.2900 zone. Near term support is at 1.2420 followed by 1.2279, below 1.2279 level will suggest that the rise from 1.2024 has completed, and then deeper decline is expected to 1.1900 zone.
GBPUSD stays in the trading range between 1.4051 and 1.4606. Further rise to test 1.4606 resistance is possible later today. As long as this level holds, we’d expect downtrend to resume, and deeper decline could be seen to 1.3800 zone. However, above 1.4606 will indicate that the fall from 1.4985 has completed, and further rally could be seen to retest 1.4985 resistance.
AUDUSD is in the trading range between 0.6331 and 0.6529. as long as 0.6529 resistance holds, we’d expect downtrend to resume, and further fall could be seen to retest 0.6248 previous low support. However, above 0.6529 will indicate that the fall from 0.6849 has completed and further rebound is expected to retest 0.6849 previous high resistance.
EURUSD breaks above 1.2760 key resistance, suggesting that a short term cycle bottom has been formed at 1.2512 level on 4-hour chart. Further rise is expected to test 1.3093, a break of this level will indicate that the medium downtrend from 1.4719 (Dec 18, 2008 high) has completed. Near term support is located at 1.2680, below this level will take price to range trading between 1.2512 and 1.2900.
Being contained by the previous high resistance at 94.61, USDJPY pulls back from 94.46, suggesting that a short term cycle top has been formed on 4-hour chart. Sideways consolidation could be seen in a couple of days. However, further rise is still in favor, a break above 94.61 resistance will indicate that the fall form 110.66 (Aug 15, 2008 high) has completed.
USDCHF dropped sharply from 1.1883 and broke below the support of the price channel last Friday, suggesting that the short term uptrend from 1.1313 has completed. Deeper decline is expected to test 1.1313 medium term key support, a break down below this level will indicate that the uptrend from 1.0366 (Dec 29, 2008 low) has terminated.