GBPUSD might be forming a short term cycle top at 1.4661 level on 4-hour chart. Key support is at 1.4250, a break below this level is needed to confirm the cycle top. If 1.4250 level gives way, deeper decline could be seen to 1.3800 zone. However, above 1.4661 level will indicate that the short term uptrend from 1.4093 is underway and further rally is expected to retest 1.4985 previous high resistance.
EURUSD formed a short term cycle top at 1.2991 level on 4-hour chart. Pullback to test 1.2512 previous low is expected in a couple of days, and a break below 1.2662 level will confirm the resumption of the medium term downtrend from 1.4719 (Dec 18, 2008 high).
AUDUSD is testing the previous high resistance at 0.6546, a break above this level will indicate that the fall from 0.6849 has completed and further rally could then be seen to 0.6700 zone. Key support is located at 0.6331, below this level will signal deeper decline to 0.6100-50 area.
USDCAD is in range trading between 1.2279 and 1.2672. Key support is located at 1.2279, below this level will indicate that the rise from 1.2024 has completed, and then deeper decline is expected to 1.1900 zone. Key resistance is now located at 1.2541, a break above this level will signify that a short term cycle bottom has been formed and further rally could be seen to retest 1.2672 previous high resistance.
USDJPY moves sharply to as high as 96.92 level. Further rise to 98.00 is still possible later today. Near term support is located at 95.40, as long as this level holds, the short term uptrend from 92.50 will continue.
No changed in our short term outlook, USDCHF rebounds from the lower border of the price channel on 4-hour chart. Consolidation in a range between 1.1459 and 1.1883 is expected in a couple of days. Near term resistance is located at 1.1883, a break above this level will signal further rally to 1.2000 zone. Key support is now located at 1.1459, below this level will indicate that the rise from 1.0366 (Dec 29, 2008 low) has terminated.