USDCHF stays in a rising price channel on 4-hour chart, and remains in uptrend from 0.8922, the fall from 0.9339 could be treated as consolidation of uptrend. As long as the lower border of the channel support holds, we’d expect uptrend to resume, and another rise to 0.9400 is still possible. However, a clear break below the channel support will indicate that a cycle top had been formed at 0.9339 level, and the rise from 0.8922 had completed, then deeper decline towards 0.8922 previous low could be seen.
USDCAD remains in downtrend from 0.9973, the bounce from 0.9615 is treated as consolidation of downtrend. Resistance is at 0.9740, as long as this level holds, downtrend is expected to resume, and another fall towards 0.9500 is still possible.
GBPUSD’s bounce from 1.5936 extends to as high as 1.6333. Further rise towards 1.6400 previous high is expected later today, a break above this level will suggest resumption of longer term uptrend from 1.5344, then further rise towards 1.6600 could be seen. However, minor consolidation would likely be seen before breaking above 1.6400 level.
AUDUSD remains in uptrend from 0.9704, the fall from 1.0415 is treated as consolidation of uptrend. Support is at 1.0285, as long as this level holds, we’d expect uptrend to resume, and another rise towards 10500 is possible. However, below 1.0285 will indicate that lengthier consolidation of uptrend from 0.9704 is underway, then range trading between 1.0204 and 1.0415 could be seen.
EURUSD remains in uptrend from 1.3428. Another rise to test 1.4281 (Nov 4, 2010 high) resistance is possible later today, a break above this level will target 1.4500 zone. Support is at 1.4150, only break below this level could indicate that lengthier consolidation of uptrend is underway, then pullback to 1.4050-1.4100 area could be seen.
USDJPY stays above a uptrend line on 4-hour chart, and remains in uptrend from 76.40, and the rise extended to as high as 85.51. Further rise is still possible later today, next target would be at 86.00 zone.