Being contained by the upper border of the falling price channel on 4-hour chart, GBPUSD pulls back from 1.6441 level, suggesting that a short term cycle top is being formed. Key support is now located at 1.6286, a break below this level will confirm the cycle top and indicate that the fall from 1.6441 is resumption of downtrend from 1.7042, then deeper decline could be seen to re-test 1.6113 previous low support.
After breaking below 1.0966 level, USDCAD dropped sharply to as low as 1.0740 level. Small consolidation is expected before breaking below 1.0718 previous low support. Near term resistance is at 1.0850, as long as this level holds, we’d expect downtrend from 1.1101 to continue and deeper decline could be seen to test 1.0632 key support.
AUDUSD remains in uptrend from 0.8239, further rise is still possible to 0.8700 zone in a couple of days. Near term support is at 0.8500 followed by 0.8450, as long as these levels hold, we would expect uptrend to continue.
EURUSD consolidated in a trading range between 1.4177 and 1.4405 for several days. Further rise to test 1.4405 would more likely be seen later today, a break above this level will indicate that the uptrend from 1.3748 (June 16 low) has resumed, then next short term target would be at 1.4550-1.4600 area. Near term support is at 1.4177, only fall below this level will take price to 1.4050-1.4100 area.
USDCHF stays in a trading range between 1.0530 and 1.0714. As long as 1.0714 resistance holds, we’d expect downtrend from 1.0883 to continue and deeper decline to 1.0450-1.0500 area is possible. However, above 1.7014 will indicate that the downtrend from 1.0883 has completed at 1.0530 level already, then the following uptrend will take price towards 1.1000 zone.
Being contained by 93.42 resistance, USDJPY pulls back from 93.29 level, suggesting that a short term cycle top is being formed on 4-hour chart. Further fall is expected to test 91.94 previous low support, a break down below this level will indicate that the downtrend from 97.78 has resumed, then next target would be at 89.00-90.00 area. Only rise above 93.29 level will signal further rise to 93.60 zone.