After range trading between 1.0800 and 1.0953, USDCHF dropped sharply from 1.0953 level, suggesting that a short term cycle top had been formed at 1.0953 level on 4-hour chart and the downtrend from 1.1740 had resumed. Further fall is expected to 1.0500 zone in a couple of days. Near term resistance is at 1.0750, as long as this level holds, the short term downtrend from 1.0953 will continue.
USDJPY broke below 95.50 key support last week, suggesting that a short term cycle top had been formed at 97.23 level on 4-hour chart. Further fall is expected to test 93.85 previous low support. Key resistance is now located at 97.23, only rise above this level will take price to 99.00 zone.
EURUSD broke above 1.4050 previous high resistance last week, suggesting that the uptrend from 1.2884 had resumed and a short term cycle bottom had been formed at 1.3793 level on 4-hour chart. Further rally is expected to 1.4300 level later today. Near term support is at 1.4070 followed by 1.4000, as low as these levels hold, we’d expect the short term uptrend from 1.3793 to continue.
AUDUSD moved sharply from 0.7743 and the rise extends to as high as 0.8035 level. Further rally is now in favor. Near term support is at 0.7945, as long as this level holds, we’d expect the uptrend from 0.7743 to continue.
GBPUSD broke above 1.6085 previous high, suggesting that the uptrend from 1.4397 had resumed. Further rally is expected to continue in next several days, and the next short term target would be at 1.6400 zone. Initial support is at 1.6100 followed by 1.6050.
USDCAD remains in downtrend from 1.1814. As long as the resistance of the falling trend line from 1.1814 to 1.1257 holds, we’d expect the downtrend to continue and further fall towards 1.0600 could be seen in next several days. Near term resistance is now at 1.1000, and key resistance is at the mentioned falling trend line on 4-hour chart.