USDCHF’s bounce from 1.0394 extended to as high as 1.0639 level. Further rally is still possible later today and target is to test 1.0675 key resistance, a break of this level will indicate that the downtrend started from 1.1730 (Jun 1 high) had completed at 1.0394 already, then longer term target would be at 1.0900 area. However, as long as 1.0675 resistance holds, the price action in the trading range between 1.0394 and 1.0675 is treated as consolidation of downtrend, and another fall to 1.0300 is still possible.
USDJPY’s bounce from 86.26 extended to as high as 87.97 level. Further rise towards the upper boundary of the falling price channel on 4-hour chart is still possible later today, and next cycle top is expected to to be formed after touching the channel resistance. Support is at 87.40, below this level could trigger another fall towards 86.26 previous low.
No changed in our view, EURUSD remains in uptrend from 1.1876 (Jun 7 low) and the price action from 1.3028 is treated as consolidation of uptrend. Range trading between 1.2732 and 1.3100 would more likely be seen in a couple of days.
USDCAD broke below 1.0276, being supported by lower boundary of the triangle pattern on daily chart, the pair rebound from 1.0255, suggesting that a cycle bottom is being formed on 4-hour chart, another rise towards the upper boundary of the triangle pattern would more likely be seen in next several days. Key support is at 1.0255, only break below this level could trigger another fall to 1.0200 area.
GBPUSD continues its upward movement and breaks above 1.5522 (Apr 15 high) long term key resistance, suggesting that the downtrend from 1.7042 (2009 high) had completed at 1.4230 already. Further rise is still possible later today and next target would be at 1.5800 area. Support is at 1.5440, as long as this level holds, uptrend from 1.5124 will continue.
AUDUSD’s uptrend from 0.8315 extended to 0.9068 level, the subsequent fall suggests that a cycle top is being formed on 4-hour chart. Consolidation of uptrend is expected in a couple of days and pullback to the lower border of the price channel to reach next cycle bottom would more likely be seen.