After touching the upper border of the rising price channel on 4-hour chart, USDCHF pulled back from 1.0428. However, the fall is treated as consolidation of uptrend from 0.9959. As long as the channel support holds, one more rise towards 1.0500 is still possible after consolidation. Key support is located at 1.0345, below this level will indicate that a short term cycle top has been formed at 1.0428 level, and the rise from 0.9959 has completed.
As expected, GBPUSD broke above 1.6371 resistance, suggesting that a short term cycle bottom has been formed at 1.6167 level on 4-hour chart. Range trading between 1.6167 and 1.5450 is expected in a couple of days. However, the price action from 1.6167 is more likely consolidation of downtrend from 1.6875, deeper decline is still possible after consolidation and a break below 1.6167 could trigger another fall towards 1.6000 area.
AUDUSD dropped below 0.9014 support, suggesting another fall towards 0.8916 (Nov 3 low) is on the way. Resistance is now located at 0.9025 followed by 0.9090, as long as these levels hold, downtrend from 0.9193 will continue.
EURUSD remains in downward trend. Deeper decline is still possible in a couple of days and next target would be at 1.4400-1.4450 area. Resistance is at 1.4590 followed by 1.4685. As long as these levels hold, downtrend will continue.
USDJPY remains in uptrend from 87.37. Further rally is still in favor and next target would be at 90.76 previous high. Support is located at the rising trend line from 87.37 to 88.31 now at 89.17, as long as the trend line support holds, uptrend will continue.
No changed in our view, USDCAD traded in range between 1.0405 and 1.0748 for several weeks. 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.