EURUSD stays below a falling trend line on 4-hour chart and remains in downtrend from 1.5140, and the fall extends further to as low as 1.4218 level. Deeper decline is still possible and next target would be at 1.4150 area. Resistance is at the falling trend line on 4-hour chart now at 1.4325, as long as this level holds, we’d expect downtrend to continue. However, above 1.4325 could indicate that a short term cycle bottom has been formed and minor consolidation in a range between 1.4200 and 1.4415 could be seen to follow.
USDCHF stays in a rising price channel on 4-hour chart and remains in uptrend from 0.9959. As long as the channel support holds, uptrend could be expected to continue and another rally towards 1.0550 is possible. Key support is located at 1.0387, only falling below this level could indicate that the rise from 0.9959 has completed at 1.0507 already, then deeper decline could be seen to 1.0300 area.
GBPUSD continues its downward trend from 1.6409 and dropped to as low as 1.5920. Deeper decline is still in favor and next target would be at 1.5800 area. Resistance is at 1.6040, only rise above this level could signal consolidation of downtrend.
AUDUSD stays in a falling price channel and remains in downtrend from 0.9193. Further fall to 0.8650 area is still possible. Resistance is located at the upper border of the price channel, only a clear break above the channel resistance could indicate that the fall from 0.9193 has completed.
USDJPY’s uptrend from 87.37 extends to as high as 91.86 level. Further rise to test 92.32 (Oct 27 high) resistance is still possible later today. However, next short term cycle top is nearing, consolidation would more likely be seen before breaking above this level. Support level is now at 90.70, below this level will indicate a short term cycle top is being formed and sideways movement could be expected to follow.
USDCAD drops again to the bottom of the rising price channel on 4-hour chart. A break below 1.0536 would suggest that the fall from 1.0745 could possibly be resumption of downtrend, then another fall is expected to re-test 1.0405 previous low support.