Being supported by the rising price channel on 4-hour chart, EURUSD rebounded from 1.3855. Further rise towards 1.4035 previous high would likely be seen later today, a break above this level will indicate that the uptrend from 1.3428 has resumed, then next target would be at 1.4200 zone. Key support is now at 1.3855, below this level will indicate that lengthier consolidation of uptrend from 1.2874 (Jan 10 low) is underway, then deeper decline to 1.3600 could be seen.
Being contained by the rising trend line from 1.5751 to 1.6030, GBPUSD rebounded from 1.6125. However, another fall to re-test the support of the trend line is still possible later today, uptrend could expected to resume after touching the trend line. Resistance is at 1.6242, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart, and the uptrend from 1.5344 has resumed, then another rise towards 1.6400 could be seen.
AUDUSD remains in short term downtrend from 1.0201. Deeper decline is expected in a couple of days and next target would be at 1.0000 area. Resistance is at 1.0135, as long as this level holds, short term downtrend from 1.0201 will continue.
USDJPY is facing 83.03 resistance, a break above this level will indicate that uptrend from 81.57 has resumed, then next target would be at 83.40 area. Support is at the uptrend line on 4-hour chart, a clear break below this trend line support could bring price back to 82.00 zone.
USDCHF’s bounce extended to 0.9368 only, the subsequent fall suggests that a cycle top is being formed on 4-hour chart. Key support is at 0.9201, a breakdown below this level will indicate that the downtrend from 0.9774 has resumed, then next target would be at 0.9100 zone.
USDCAD broke below 0.9683 previous low, suggesting that the downtrend from 1.0057 has resumed. Deeper decline could be seen in a couple of days, and next target would be at 0.9600 area.