USDCHF formed a short term cycle top at 1.0794 level on 4-hour chart. As long as the channel support holds, the pair is treated as in uptrend from 1.0132 and the falling from 1.0794 is consolidation of uptrend. Bounce would more likely be seen from the bottom of the price channel later today and one more rise towards 1.0900 is still possible. However, a clear break below the channel support will suggest that the rise from 1.0132 has completed.
EURUSD formed a short term cycle bottom at 1.3585 on 4-hour chart and the bounce from 1.3585 has reached the upper border of the price channel. Downtrend is expected to resume after touching the channel resistance and another fall towards 1.3400 is possible. However, a clear break above the channel resistance will suggest that the fall from 1.4579 has completed.
As expected, GBPUSD formed a short term cycle bottom at 1.5534 level on 4-hour chart. Lengthier sideways movement is expected in a couple of days. However, the price action from 1.5534 is still treated as consolidation of downtrend from 1.6456, one more fall towards 1.5400-1.5500 area is expected after consolidation.
No changed in our view, USDCAD remains in uptrend from 1.0224 and the fall from 1.0779 is more likely consolidation of uptrend. One more rise towards 1.1200 area is expected after consolidation. Key support is now located at 1.0545, only fall below this level will indicate that the uptrend from 1.0224 has completed.
USDJPY stays in a falling price channel on 4-hour and remains in downtrend from 93.75. As long as the channel resistance holds, one more fall towards 88.00 is still possible. Only a clear break above the channel resistance could indicate that the fall from 93.75 has completed.
AUDUSD’s bounce has reached the falling trend line on 4-hour chart, a clear break above the trend line resistance will indicate that the fall from 0.9327 has completed at 0.8577 level already. However, as long as the trend line resistance holds, the pair is treated as in downtrend and one more fall to 0.8500 is still possible.