USDCHF stays below a falling trend line from 1.0624 to 1.0277 and remains in downtrend. As long as the trend line resistance holds, downtrend from 1.1730 (Jun 1 high) is expected to continue and another fall towards 0.9634 (2008 low) is still possible after a minor consolidation. Resistance is now at 0.9877, a break above this level will indicate the a cycle bottom has been formed at 0.9708 level on 4-hour chart, then lengthier consolidation of downtrend could be seen and further rally towards the trend line resistance is possible.
GBPUSD’s rise from 1.5296 extended to as high as 1.5921. The subsequent pullback has bring price below the lower border of the rising price channel on 4-hour chart, suggesting that a cycle top is being formed at 1.5921 level. Further decline towards 1.5296 would more likely be seen in next several days. Resistance is at 1.5921, only break above this level could trigger another rise towards 1.5997 previous high.
USDCAD stays in a trading range between 1.0191 and 1.0378. Lengthier consolidation in the trading range is still possible later today. Key resistance is at 1.0378, a break above this level will indicate that the fall from 1.0672 has completed at 1.0191 already, then the following upward move could bring price to 1.0600 area. However, a breakdown below 1.0191 will indicate that the downtrend from 1.0672 has resumed, then next target would be at 1.0150 area.
AUDUSD is testing the support of the rising trend line on 4-hour chart, a clear break below the trend line support will suggest that a cycle top is being formed, then deeper decline could be seen to 0.9500 area. Resistance is at 0.9733, a break above this level will indicate that the uptrend from 0.8771 has resumed, then another rise to 0.9750-0.9800 area could be seen.
EURUSD stays above a rising trend line on 4-hour chart and remains in uptrend from 1.2643. As long as the trend line support (now at 1.3623) holds, uptrend is expected to continue and next target would be at 1.3750 area. However, a clear break below the trend line support could indicate that a cycle top is being formed, then deeper decline could be seen to 1.3400 area.
USDJPY’s fall from 85.92 extended to as low as 83.16. As next cycle bottom is nearing, rebound is expected before breaking below 82.87 previous low, and one more rise to test 85.92 key resistance would more likely be seen.