USDCHF’s bearish movement from 1.1548 extends further to as low as 1.1301 level. Deeper decline is still in favor and the next target is to test 1.1159 previous low support. Key resistance is now at 1.1505, above this level will suggest that a short term cycle bottom has been formed on 4-hour chart and then further rally could be seen to 1.1600-1.1700 area.
USDCAD breaks below 1.2501 key support, suggesting that a short term cycle top has been formed at 1.2714 level on 4-hour chart. Deeper decline could be seen to retest 1.2091 previous low support in next several days. Initial resistance is located at 1.2480, as long as this level holds, we’d expect the short term downtrend from 1.2714 to continue.
As expected, GBPUSD’s uptrend from 1.4110 extends further to as high as 1.4772 and the pair is testing the previous high resistance at 1.4779 level. Further rise above this level would more likely be seen later today. Initial support is located at 1.4580, as long as this level holds, the short term uptrend will continue.
EURUSD breaks above the key resistance at 1.3342, suggesting that a short term cycle bottom has been formed at 1.3112 level on 4-hour chart. Further rise towards 1.3600-1.3700 area to reach the next cycle top is possible later today. Key support is 1.3350, a break below this level will confirm the cycle top and suggest that the rebound from 1.3112 has completed.
As expected, USDJPY breaks above 99.67 resistance and reaches as high as 100.16 level. Further rise could be seen to 102.00 next week. Initial support is now at 98.50, as long as this level holds, we’d expect the short term uptrend from 95.98 to continue.
AUDUSD breaks above 0.7092 resistance, suggesting that the medium term uptrend from 0.6284 (Mar 4 low) has resumed. Further rise could be seen to test the long term resistance at 0.7267 (Jan 7 high) later today. Near term support is at 0.7100, as long as this level holds, we’d expect the short term uptrend from 0.6768 to continue.