As expected, GBPUSD breaks above the falling trend line resistance and has formed a short term cycle bottom at 1.4110 on 4-hour chart. Further rise to 1.4600 level is expected in a couple of days. Initial support is located at 1.4110, only fall below this level will indicate that the downtrend from 1.4779 has resumed, and then deeper decline could be seen to 1.3900 level.
EURUSD is forming a short term cycle bottom at 1.3112 level on 4-hour chart. Key resistance is now located at 1.3342, a break above this level will conform the cycle bottom and indicate that the fall from 1.3738 has completed already, and then further rally could be seen to 1.3500 zone.
After touching 96.00, USDJPY rebounds sharply to as high as 99.45 level. Further rise is still possible to 102.00 zone in next several days. Near term support is at the up trend line from 93.53 to 95.98, as long as the trend line support holds, we’d expect the uptrend from 93.53 to continue.
USDCAD remains in short term uptrend. Further rise to 1.2800 is still possible in a couple of days. Key support is now at 1.2501, as long as this level holds, we’d expect uptrend to continue. However, below this level will indicate that the rise from 1.2191 has completed, and the following pullback could take price back to retest 1.2191 previous low support.
USDCHF breaks below the previously mentioned key support at 1.1400 and has formed a short term cycle top at 1.1548 level on 4-hour chart. Deeper decline to test 1.1159 support could be seen in next several days. Initial resistance is now at 1.1548, only rise above this level will signal further rally to 1.1650-1.1700 area.
AUDUSD formed a short term cycle top at 0.7092 level on 4-hour chart. Further fall towards 0.6600 zone is expected in next several days, however a break below 0.6768 is needed to confirm the resumption of the short term downtrend.