USDCHF’s fall from 0.9339 extended to as low as 0.8942. The pair is now facing 0.8922 previous low support, a breakdown below this level will confirm that the long term downtrend from 1.1730 (Jun 1, 2010 high) has resumed, then the following downward move could bring price to 0.8500 area. Resistance is at 0.9050, only break above this level could indicate that lengthier consolidation of long term downtrend is underway, then further rise could be seen to 0.9200 zone.
USDCAD broke above the downtrend line on 4-hour, and reached as high as 0.9656. However, the bounce from 0.9526 is treated as consolidation of downtrend from 0.9973, another fall towards 0.9000 is still possible after consolidation.
AUDUSD is forming a cycle bottom at 1.0389 on 4-hour chart. Range trading between 1.0389 and 1.0581 would likely be seen in a couple of days. The price action from 1.0581 is treated as consolidation of uptrend from 0.9704, one more rise towards 1.1000 is still possible after consolidation.
GBPUSD has formed a cycle top at 1.6427 level on 4-hour chart. Range trading between 1.6200 and 1.6427 is expected in a couple of days. The price action from 1.6427 is likely consolidation of uptrend from 1.5936, as long as 1.6200 support holds, we’d expect uptrend to resume, and one more rise towards 1.6600 is still possible.
EURUSD stays above a rising trend line on 4-hour chart, and remains in uptrend from 1.4020, and the rise extended to as high as 1.4518. As long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.4650-1.4700 area. On the other side, a clear break below the trend line will indicate that lengthier consolidation of uptrend is underway, then pullback to 1.4300 could be seen.
USDJPY pulled back to as low as 83.46 level. Deeper decline is still possible later today, and next target would be at 82.50-83.00 area. Resistance is at 84.40, only break above this level will indicate that the fall from 85.51 is complete.