After touching 1.1449 support, USDCHF rebounded strongly from 1.1430, suggesting that a cycle bottom has been formed on 4-hour chart. Now the bounce from 1.1430 is more likely resumption of uptrend from 1.0434 (Apr 1 low), and another rise to 1.1900 is expected, however, a break above 1.1730 previous high is needed to confirm the resumption of uptrend.
USDCAD bounced strongly from 1.0333 and broke above 1.0571 key resistance, suggesting that a cycle bottom has been formed on 4-hour chart. Further rally is still possible in a couple of days, and target would be at 1.0750-1.0800 area. Support levels are at 1.0570 and 1.0470.
GBPUSD breaks below the support of the rising price channel suggesting that a cycle top has been formed at 1.4769 level on 4-hour chart and the bounce from 1.4230 has completed. Now the fall from 1.4769 is more likely resumption of downtrend. Deeper decline to test 1.4230 previous low support is expected, a breakdown below this level will target 1.4000 area.
AUDUSD broke below 0.8275 support. A cycle top has been formed at 0.8550 on 4-hour chart. Now the fall from 0.8550 is treated as resumption of downtrend. Deeper decline to 0.7800 is expected, however, a break below 0.8066 is needed to confirm the resumption of downtrend.
EURUSD’s downtrend from 1.3691 (Apr 12 high) extends further to as low as 1.1882 level. Deeper decline is still possible later today and next target would be at 1.1800 area. Initial resistance is at 1.1985 followed by 1.2060, as long as these levels hold, downtrend will continue.
USDJPY breaks below the rising trend line on 4-hour chart, suggesting that a cycle top has been formed at 92.88. Deeper decline to test 90.53 support would more likely be seen in a couple of days, a break below this level will indicate that the bounce from 88.98 is complete.