As expected, EURUSD continues its bearish movement from 1.3785 and the fall extended to as low as 1.2969 level. Resistance is at 1.3150, as long as this level holds, downtrend will continue and next target would be at 1.2800 area. However, a break above 1.3150 could indicate that a cycle bottom is being formed on 4-hour chart and consolidation of downtrend is underway, then bounce towards the falling trend line from 1.4281 to 1.3785 could be seen.
USDCHF remains in uptrend from 0.9548, the fall from 1.0053 is treated as consolidation of uptrend. As long as 0.9848 key support holds, uptrend is expected to continue and another rise to 1.0200 is still possible.
USDJPY pulled back from 84.40 and is now facing the lower border of the price channel on 4-hour chart. As long a the channel support holds, the fall is treated as consolidation of uptrend, and another rise to 85.00 area is still possible. However, a clear break below the channel support will indicate that the upward move from 80.30 has completed at 84.40 already, then the following downward movement could bring price back to 81.00-82.00 area.
AUDUSD remains in downtrend from 0.9953. As long as 0.9699 resistance holds, downtrend is expected to continue and next target would be at 0.9450 area. Only break above 0.9699 could indicate that a cycle bottom has been formed on 4-hour chart and consolidation of downtrend is underway.
GBPUSD’s fall extended to as low as 1.5484. The subsequent bounce suggests that a cycle bottom is being formed on 4-hour chart, and consolidation of downtrend is underway. Range trading between 1.5484 and 1.5646 would more likely be seen in a couple of day. However, a breakdown below 1.5484 will indicate that the downtrend from 1.6093 has resumed, then next target would be at 1.5400 area.
USDCAD broke above 1.0263 resistance. Further rise towards 1.0372 (Oct 19 high) key resistance could be seen. Support is now at 1.0167, only break below this level could trigger another fall towards 0.9977.