USDJPY formed a short term cycle top at 90.45 level on 4-hour chart. Range trading between 88.83 and 90.45 is possible later today. However, the price action from 90.45 is more likely consolidation of uptrend from 88.01, another rise to test 90.45 key resistance is still possible after consolidation, and a break above this level will indicate that the downtrend from 97.78 (Aug 7 high) has completed at 88.01 level already, then the following uptrend could take price to 92.00 or even 94.00 zone. On the down side, below 88.83 will signal another fall to test 88.01 key support.
No changed in our view, AUDUSD remains in uptrend from 0.8567, and the rise extends further to as high as 0.9193 so far. Support level is now at 90.60 and key support is at 0.8984, as long as 0.8984 level holds, we would expect uptrend to continue and further rise towards 92.50 is expected in a couple of days.
EURUSD’s uptrend from 1.4484 extends further to as high as 1.4956 so far. Further rise is still possible to 1.5000 zone in a couple of days. Initial support level is now at 1.4875 followed by 1.4800, key support is at the rising trend line on 4-hour chart extended from 1.4484, as long as the trend line support holds, uptrend will continue.
GBPUSD break above the resistance of the falling trend line from 1.6741 to 1.6120, suggesting that a short term cycle bottom has been formed at 1.5708 level on 4-hour chart. Further rebound is still possible later today and target is to test 1.6125 resistance, above this level will signal further rally to 1.6300 zone.
USDCHF remains in downtrend from 1.0452 and the fall extend to as low as 1.0122 level. Deeper decline is still in favor and next target would be at 1.0000-1.0050 area. Initial resistance is now at 1.0155, above at 1.0180, as long as these levels hold, downtrend will continue.
USDCAD continues its downtrend from 1.0991 and the fall extends to as low as 1.0208 level. Deeper decline is still possible later today and next target would be at 1.0150 zone. Initial resistance is at 1.0300 followed by 1.0375, as long as these levels hold, downtrend will continue.