After breaking above 1.1636 resistance, USDCAD drops sharply from 1.1654 and breaks below the lower border of the rising price channel. Further fall to test 1.1418 key support is possible later today, a break down below this level will indicate that the uptrend from 1.0940 has completed, then next target would be at 1.1300-1.1350 area. Key resistance is now located at 1.1654, only rise above this level will signal resumption of uptrend.
Being supported by the rising trend line on 4-hour chart, AUDUSD rebounds from 0.8024 level. The pair remains in short term uptrend from 0.7789. Further rally to 0.8200 is still possible in a couple of days. Key support is now located at 0.8024, a break below this level will indicate that a short term cycle top has been formed at 0.8155 level, then pullback to 0.7900 zone could be seen to follow.
USDJPY breaks above 96.56 resistance, suggesting that the downtrend from 98.88 has completed at 94.87 level already. Further rally is still possible to 97.50-98.00 area. Initial support is at 96.30 followed by 96.00, as long as these levels holds, the short term uptrend from 94.87 will continue.
GBPUSD formed a short term cycle top at 1.6743 level on 4-hour chart. Further fall to 1.6250-1.6300 area would more likely be seen in a couple of days. Initial resistance is at 1.6545 followed by 1.6600.
EURUSD’s uptrend extends to as high as 1.4197 level. Further rally is still in favor and next target would be at 1.4250 zone. Near term support is at the rising trend line on 4-hour chart and key support is now at 1.4001, only fall below this level will indicate that the uptrend from 1.3748 has completed.
USDCHF drops sharply below 1.0778 support and reaches as low as 1.0712 level. Deeper decline is now in favor and target is to test 1.0631 previous low support. Near term resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, we’d expect the downtrend from 1.1021 to continue.