Being supported by the lower border of the rising price channel, USDCHF formed a short term cycle bottom at 1.0608 level on 4-hour chart. Sideways movement is expected in a range between 1.0608 and 1.0794. A break above 1.0794 will signal resumption of uptrend from 1.0132, then another rise towards 1.0900 could be seen to follow. However, a breakdown below 1.0608 support will indicate that the uptrend from 1.0132 has completed at 1.0794 already, then pullback could be seen to 1.0500 or even lower.
USDCAD broke below 1.0645 key support, suggesting that the uptrend from 1.0224 has completed at 1.0779 already. Further decline to 1.0400 area is expected after a minor consolidation. Resistance is at 1.0550 followed by 1.0585.
Being contained by the upper border of the falling price channel, EURUSD pulled back from 1.3838 and formed a short term cycle top on 4-hour chart. Range trading between 1.3585 and 1.3838 is expected later today. A breakdown below 1.3585 will signal resumption of downtrend from 1.4579, then deeper decline could be seen to 1.3400 area. However, a break above 1.3838 will indicate that the fall from 1.4579 has completed at 1.3585 already.
GBPUSD stays in a falling price channel on 4-hour chart and remains in downtrend from 1.6456. The price action from 1.5534 is more likely consolidation of downtrend. As long as the channel resistance holds, we’d expect downtrend to resume and another fall towards 1.5400-1.5500 area could be seen after consolidation.
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 broke above the downtrend line on 4-hour chart and is now in uptrend from 1.8577. However, minor consolidation would more likely be seen later today. Support level is now at 0.8820, below this level will bring price back to 0.8700 area.