USDJPY pulls back from 94.45, suggesting that a short term cycle top is being formed on 4-hour chart. Deeper decline is possible to test 91.73 next week, a break below this level will take price to 90.00 zone. Near term resistance is now at 94.45, only rise above this level will indicate that the pair remains in correction of the downtrend from 98.88, then further rally could be seen to 95.00-95.50 area.
EURUSD is moving to the next short term cycle top on 4-hour chart. The previous high resistance at 1.4197 would more likely be held. Near term support is at 1.4056, a break down below this level will indicate that a cycle top is being formed and the rebound from 1.3832 may have completed.
AUDUSD in moving to next short term cycle top on 4-hour chart. As long as 0.7960 support holds, we’d expect further rally to 0.8100-0.8130 area. However, a break below 0.7960 level will suggests that a cycle top has been formed and the short term uptrend from 0.7703 has completed, then deeper decline could be seen to 0.7800-0.7850 area.
USDCAD remains in downtrend from 1.1723 and the price action from 1.1116 is more likely consolidation of downtrend. Deeper decline is still in favor and the next target would be at 1.1000 zone. Near term resistance is at 1.1225 followed by 1.1300, as long as these levels hold, downtrend will continue.
GBPUSD remains in short term uptrend from 1.6033. Further rally is still possible to 1.6550 level. Key support is now at 1.6355, a break below this level will indicate that a short term cycle top has been formed and the rebound from 1.5984 has completed, then pullback towards 1.6150-1.5200 area could be seen to follow.
USDCHF is in range trading between 1.0590 and 1.1021. Moving sideways without trend in the range is expected to follow. One more rise above 1.1021 would more likely be seen after the sideways consolidation.