EURUSD breaks above 1.4765 previous high and reaches as high as 1.4841 level. As long as the price stays above the rising trend line on 4-hour chart, we’d expect uptrend to continue and further rally is possible to 1.5000 zone in a couple of days. However, a clear break below the trend line support will suggesting that the rise from 1.4177 has completed, then pullback to test 1.4611 support could be seen to follow.
USDCAD trades sideways in a range between 1.0590 and 1.0925. Deeper decline is expected to test 1.0590 previous low support, a break below this level will signal further fall towards 1.0500 zone. Key resistance is located at 1.0925, above this level will indicate that the fall form 1.1124 has completed at 1.0590 level already, and the following uptrend will take price to 1.1200 zone.
USDJPY dropped sharply from 92.53, suggesting that a short term cycle top has been formed at 92.53 level on 4-hour chart. Consolidation in a range between 90.12 and 92.53 could be seen in a couple of day and move towards 94.00 would more likely be seen after consolidation. Near term support is at 90.12, only fall below this level will indicate that the downtrend from 97.78 has resumed, then deeper decline is expected to 89.00 level.
GBPUSD rebounded sharply from 1.6133, suggesting that a short term cycle bottom has been formed at 1.6133 level on 4-hour chart. However, another fall to test 1.6113 key support is still possible in a couple of days, and a breakdown below this level will indicate that uptrend from 1.3503 (Jan 23 low) has completed at 1.7042 level already.
AUDUSD breaks above 0.8775 previous high and reaches as high as 0.8787 level. Further rise to 0.8800 is still possible later today. Near term support is at the lower border of the rising price channel on 4-hour chart, as long as the channel support holds, uptrend from 0.8155 will continue.
USDCHF remains in downtrend from 1.0698, as long as the falling trend line resistance holds, we’d expect downtrend to continue and deeper decline could be seen to 1.0100 zone. However, a clear break above the trend line resistance will suggest that the fall from 1.0698 has completed, then the following uptrend will take price back to test 1.0389 resistance.