AUDUSD continued its sideways movement in a range between 0.9803 and 1.0076. Lengthier consolidation in the range is still possible in a couple of days. Key support is at 0.9832, a breakdown below this level could trigger another fall to 0.9600 area. Key resistance is at 1.0076, above this level will indicate that the long term uptrend from 0.8066 (May 25, 2010 low) has resumed, then further rise towards 1.0500 could be seen.
After consolidation, GBPUSD broke above 1.6058 resistance, suggesting that the uptrend from 1.5344 had resumed. Further rise is still possible in a couple of days and target would be at 1.6298 (Nov 4, 2010 high). Support is at the uptrend line on 4-hour chart, only a clear break below the trend line support could indicate that the uptrend from 1.5344 is complete.
USDCHF’s downward movement extended further to as low as 0.9371. Resistance is at 0.9481, as long as this level holds, downtrend could be expected to continue and next target would be at 0.9300 previous low. Only a break above 0.9481 resistance could indicate that a cycle bottom had been formed at 0.9371 level on 4-hour chart, then further rally could be seen to 0.9550 area.
USDCAD broke above 1.0033 resistance and reached as high as 1.0057. Further rise is still possible later today and next target would be at 1.0100 area. Key support is at 0.9908, a breakdown below this level will indicate that a cycle top had been formed at 1.0057 level on 4-hour chart, and the downtrend from 1.0372 (Oct 19, 2010 high) has resumed, then next target would be at 0.9700 area.
Being supported by the rising price channel on 4-hour chart, EURUSD rebounded from 1.3570. Now the bounce could possibly be resumption of uptrend from 1.2874, a break above 1.3757 resistance could trigger another rise towards 1.4000 area. Initial support is at the lower border of the channel, the key support is at 1.3570, only break below this level could indicate that the rise from 1.2874 is complete.
USDJPY is facing 81.85 support, a breakdown below this level could trigger another fall to 81.00 zone. Resistance is at 82.30, only break above this level could turn price back to the trading range between 81.85 and 83.20.