Being contained by 1.0678 resistance, USDCAD pulled back from 1.0673, suggesting that a cycle top is being formed on 4-hour chart. Minor consolidation in a range between 1.0540 and 1.0678 would more likely be seen in a couple of days. Support is at the lower border of the price channel, as long as the channel support holds, one more rise towards 1.0852 previous high is still possible.
After touching the lower boundary of the price channel on 4-hour chart, GBPUSD bounces strongly from 1.4873 level. Further rally is now in favor and next target would be at 1.5300 area. Near term support is at 1.5000 and key support is at 1.4873, only fall below this level could indicate that the uptrend from 1.4346 has completed.
USDCHF’s fall from 1.1730 extends to as low as 1.0578 level. As long as the price channel resistance holds, downtrend is expected to continue and deeper decline is possible to 1.0500 after a minor consolidation. Resistance is at 1.0735 followed by 1.0855, as long as these levels hold, downtrend will continue.
EURUSD’s fall from 1.2466 extended to 1.2150 only, the following break above 1.2466 suggests that the longer term downtrend from 1.5144 (2009 high) has completed at 1.1876 already. Further rally is still possible after a minor consolidation and next target would be at 1.2700 area.
AUDUSD’s fall from 0.8858 extended to as low as 0.8315. The subsequent bounce suggests that a cycle bottom is being formed on 4-hour chart. Further rally to test 0.8600 key resistance is expected, a break above this level will confirm the cycle bottom, then another rise towards 0.9000 could be seen. Support is at 0.8315, only break below this level could trigger another fall to 0.8150 area.
USDJPY might be forming a cycle bottom at 86.96 level on 4-hour chart. Range trading between 86.96 and 88.35 would more likely be seen. Now the long term key support at 88.14 (Mar 4 low) is broken below, implying downtrend from 124.16 (2007 high) has resumed, long term target is expected at 80.00 area.