USDCAD’s fall from 1.0779 extends to as low as 1.0579 level, suggesting that a short term cycle top has been formed at 1.0779 on 4-hour chart. Deeper decline to test 1.0545 key support would more likely be seen later today, a breakdown below this level will indicate that the uptrend from 1.0224 has completed at 1.0779 already, then pullback to 1.0450 area could be expected to follow. However, as long as 1.0545 support holds, the price action in the trading range between 1.0545 and 1.0779 is treated as consolidation of uptrend, one more rise to 1.1200is still possible after consolidation.
USDCHF is testing the support of the rising price channel on 4-hour chart, a clear break below the channel support will suggest completion of uptrend from 1.0132. However, as long as the channel support holds, uptrend could be expected to resume and one more rise towards 1.0900 is possible.
Being contained by the upper border of the falling price channel on 4-hour chart, EURUSD pulls back from 1.3838, suggesting that a short term cycle top is being formed. Now the fall from 1.3838 could possible be resumption of downtrend from 1.4579. Another fall towards 1.3400 is expected in next several days. However, a clear break above the channel resistance will indicate that the fall from 1.4579 has completed at 1.3585 already.
GBPUSD fails to break above the upper border of the falling price channel on 4-hour chart and pulls back from 1.5763. The fall from 1.5763 could possibly be resumption of downtrend from 1.6456 and another fall towards 1.5400-1.5500 area would more likely be seen.
No changed in our view, 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 breaks above the falling trend line on 4-hour chart, suggesting completion of downward movement from 0.9327. Now the pair is in uptrend from 0.8577. Rise towards 0.8900-0.8950 area is expected in a couple of days.