Being contained by 1.0338 key resistance, USDCHF trades in a narrow range above 1.0218, as long as this level holds, one more rise to test 1.0338 resistance is still possible later today, however, lengthier consolidation would more likely be seen before breaking above this level. Key support is now located at 1.0218, below this level will suggest that a short term cycle top is being formed on 4-hour chart, then range trading between 1.0136 and 1.0338 is expected to follow.
AUDUSD has formed a short term cycle bottom at 0.9014 level on 4-hour chart. Bounce towards the falling trend line from 0.9404 to 0.9321 would more likely be seen in a couple of days. Support levels are at 0.9110 and 0.9014, only fall below these levels could signal another fall towards 0.8916 critical support.
GBPUSD remains in downtrend from 1.6721 and the price action from 1.6167 is treated as consolidation of downtrend. As long as 1.6371 resistance holds, another fall towards 1.6000 area is expected and a breakdown below 1.6167 will signal resumption of downtrend.
Being contained by 1.4626 support, EURUSD trades in a narrow range between 1.4668 and 1.4781. The pair might be forming a short term cycle bottom at 1.4668 on 4-hour chart, key resistance is located at 1.4781, a break above this level will confirm the cycle bottom and signal further rally to 1.4900-1.4950 area. Key support is located at 1.4626, below this level will indicate that the longer term uptrend from 1.3748 (June 16 low) has completed at 1.5144 already.
USDJPY is forming a short term cycle bottom at 87.37 level on 4-hour chart, key resistance is located at 88.70, a break above this level will confirm the cycle bottom and indicate that the fall from 90.76 has completed, then the follow uptrend could bring price to 89.50-90.00 area. Support level is now at 87.37, only break below this level could signal another fall to 86.50 zone.
No changed in our view, USDCAD stays in a trading range between 1.0405 and 1.0748. Lengthier consolidation in range is still possible in a couple of day. Another fall towards 1.0206 (Oct 15 low) previous low would more likely be seen after consolidation and a breakdown below 1.0405 will confirm resumption of downtrend.