USDCHF breaks above 1.1389 key resistance and has formed a short term cycle bottom at 1.1240 on 4-hour chart. Range trading between 1.1240 and 1.1450 could be seen in a couple of days. However, the price action from 1.1356 is more likely consolidation of the downtrend from 1.1548. As long as 1.1548 level holds, we’d expect downtrend to resume and further fall towards 1.0000 is possible after consolidation. Key support is now located at 1.1240, a break below this level will signal resumption of the downtrend.
EURUSD pulls back quickly from 1.3581 level, suggesting that a short term cycle top has been form at 1.3581 on 4-hour chart. Deeper decline could be seen to test 1.3112 previous low support in next several days. Key resistance is now at 1.3581, only rise above this level will signal further rally to 1.4000 zone.
USDCAD breaks above 1.2454 resistance, suggesting that a short term cycle bottom has been formed at 1.2224 on 4-hour chart. Consolidation above 1.2191 support could be seen in next several days and further fall is still in favor after consolidation.
Being contained by the previous high resistance at 1.4985 (Feb 9 high), GBPUSD pulls back and breaks below 1.4647 key support, suggesting that a short term cycle top has been formed at 1.4957 level on 4-hour chart. Deeper decline is expected to 1.4290 level in next several days. Key resistance is now at 1.4957, only rise above this level will signal resumption of the uptrend from 1.3654 (Mar 11 low).
No changed in our view, USDJPY remains in short term uptrend from 95.98. Further rise could be seen to 102.00 in a couple of days. Initial support is located at 99.75, as long as this level holds, we’d expect the uptrend to continue.
AUDUSD is testing 0.7057 key support, a break below this level will indicate that a short term cycle top has been formed at 0.7227 and the rise from 0.6768 has completed already, then deeper decline could be seen to retest 0.6768 previous low support.