EURUSD may be forming a cycle top at 1.4881 level on 4-hour chart. Range trading between 1.4700 and 1.4881 would likely be seen in a couple of days. However, the price action from 1.4881 is treated as minor consolidation of uptrend from 1.4157, as long as 1.4700 support holds, uptrend could be expected to resume, and another rise towards 1.5000 is still possible after consolidation. Resistance is at 1.4881, a break above this level could signal resumption of uptrend.
USDCAD broke below 0.9453 previous low and reached as low as 0.9444, suggesting that the downtrend from 0.9973 has resumed. Further fall could be expected in a couple of days, and next target would be at 0.9400 area. Resistance is at 0.9500, only break above this level could indicate that lengthier consolidation of downtrend is underway.
USDJPY’s continued its downward move from 85.51, and the fall extended to as low as 81.03. Further fall is possible later today, and next target would be at 80.50 zone. Initial resistance is at 81.50, above this level will indicate that lengthier consolidation of downtrend is underway, then another rise to 82.50 area could be seen.
USDCHF’s downward movement extended to as low as 0.8626. Further fall is still possible later today, and next target would be at 0.8500 zone. Resistance is at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
AUDUSD’s bullish movement from 0.9704 extended to as high as 1.0992. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.1100 zone.
No changed in our view, GBPUSD remains in uptrend from 1.5936, the fall from 1.6745 is treated as consolidation of uptrend. Range trading between 1.6550 and 1.6745 is expected in a couple of days. As long as 0.6550 support holds, another rise towards 1.7000 is still possible after consolidation.