USDJPY is in uptrend from 88.01, the fall from 91.31 is treated as consolidation of uptrend. Trading in a range between 90.00 and 91.31 is expected later today and pullback to the rising trend line from 88.01 to 88.83 to reach the next short term cycle bottom on 4-hour chart would more likely be seen by the end of consolidation. Resistance level is located at 91.31, above this level will suggest that the uptrend has resumed, then next target would be at 92.00 zone. Key support is at the rising trend line now at 89.50, only fall below this level will indicate that the uptrend from 88.01 has completed.
After touching the rising support trend line on 4-hour chart, EURUSD rebounded from 1.4827, suggesting that a short term cycle bottom has been formed. Now the rise from 1.4827 is treated as resumption of uptrend from 1.4484. Another rise towards 1.5100 is expected later today. Support level is located at the rising trend line, now at 1.4870, as long as the trend line support holds, uptrend will continue.
USDCAD remains in downtrend from 1.0991 and the price action from 1.0206 is treated as consolidation of downtrend. Range trading between 1.0206 and 1.0434 is expected in a couple of days. However, a break below 1.0206 previous low support will indicate that the downtrend from 1.0991 has resumed, then deeper decline could be seen to 1.0000 area.
After a minor consolidation, AUDUSD’s uptrend from 0.8567 resumed and the rise extends further to as high as 0.8310. Another rise towards 0.9400 is expected later today. Support level is now at the lower border of the rising price channel on 4-hour chart, as long as the channel support holds, uptrend will continue.
After a small correction, GBPUSD’s uptrend extends further to as high as 1.6434 level. Another rise towards 1.6600 area is expected in a couple of days. Support level is now located at 1.6240, as long as this level holds, uptrend will continue.
USDCHF broke below 1.0117 previous low and reaches as low as 1.0094 so far. Suggesting that a short term cycle top has been formed at 1.0228 level on 4-hour chart and the downtrend from 1.0452 has resumed. Another fall towards 1.0000 could be seen later today. Key resistance is now located at 1.0228, only rise above this level will indicate that the fall from 1.0452 has completed.