After touching 90.20 previous low, USDJPY rebounded sharply from 90.12, suggesting that a short term cycle bottom is being formed. Key resistance is now located at 91.62, a break above this level will confirm the cycle bottom and indicate that the downtrend from 97.78 has completed at 90.12 level already, then the following uptrend will take price back to 94.00 zone. Near term support is at 90.12, only fall below this level will signal deeper decline to 89.00-89.50 area.
GBPUSD is now in short term downtrend from 1.6741 and the rebound from 1.6403 is more likely consolidation of downtrend. Deeper decline is in favor and target would be at 1.6250 zone. Near term resistance is at 1.6550, as long as this level holds, downtrend will continue. However, above 1.6550 will take price to range trading between 1.6403 and 1.6741.
AUDUSD’s uptrend extended to as high as 0.8748 level. Further rise is now in favor and next target would be at 0.8800 zone. Initial support is at 0.8710 followed by 86.75, as long as these levels hold, uptrend from 0.8543 will continue.
EURUSD remains in uptrend and the rise from 1.4177 extended to as high as 1.4736 level. Further rally is still possible later today and next target would be at 1.4800 zone. Key support is now located at 1.4641, as long as this level holds, we’d expect uptrend to continue, however below this level will indicate that a short term cycle top has been formed and the rise from 1.4177 has completed.
USDCAD broke below 1.0673, deeper decline is expected to test 1.0632 critical support, below this level will indicate that the longer term downtrend has resumed, then next target would be at 1.0500 zone. Initial resistance is at 1.0730, as long as this level holds, downtrend from 1.0925 will continue.
USDCHF remains in downtrend from 1.0698. Deeper decline is still possible later today and target would be at 1.0250 zone. Near term resistance is at 1.0422, as long as this level holds, downtrend will continue. However, above 1.0422 will indicate that a short term cycle bottom has been formed, then sideways consolidation could be seen to follow.