USDCHF broke above the downtrend line from 1.0624 to 1.0450, suggesting lengthier consolidation of downtrend is underway. Range trading between 1.0060 and 1.0350 would more likely be seen in next several days. Key support is at 1.0060, a breakdown below this level will indicate that the downtrend from 1.1730 (Jun 1 high) has resumed, then deeper decline could be seen to 1.0000 area.
EURUSD breaks above 1.2765 resistance, suggesting that a cycle bottom has been formed at 1.2643 on 4-hour chart. Another rise towards 1.2921 key resistance is expected, a break above this level will target 1.3100 area. Support is now at 1.2643, only break below this level could trigger another fall to 1.2500 zone.
After breaking above the falling trend line on 4-hour chart, GBPUSD pulled from 1.5532, however another rise is still possible later today and next target would be at 1.5600-1.5700 area. Support is at 1.5296, only break below this level could trigger another fall to 1.5200 zone.
AUDUSD continues its bullish movement from 0.8771 and the rise extends to as high as 0.9318. Further rise is still possible later today and next target would be at 0.9350 area. Support is at 0.9200, as long as this level holds, uptrend could be expected to continue.
USDCAD’s downward move extended to as low as 1.0286. Resistance is at 1.0375, as long as this level holds, downtrend is expected to continue and next target would be at 1.0200-1.0250 area. Only break above 1.0375 resistance could indicate that a cycle bottom has been formed at 1.0286 on 4-hour chart, then further rally could be seen to 1.0450 area.
USDJPY formed a cycle bottom at 83.34 level on 4-hour chart. Further rise to 85.00 area would more likely be seen. However, the price action from 83.62 is treated as consolidation of downtrend, another fall to 82.00 is still possible after consolidation and a breakdown below 83.34 could signal resumption of downtrend.