GBPUSD has formed a cycle top at 1.6516 on 4-hour chart. The fall from 1.6516 is now treated as consolidation of downtrend from 1.6745. Another fall would likely be seen later today, and target would be at 1.6150 area. Key resistance is at 1.6516, only break above this level could trigger another rise towards 1.7000.
After a minor consolidation, EURUSD continued its downward movement from 1.4939 and reached as low as 1.4172. Deeper decline is still possible later today, and next target would be at 1.4000 area. Resistance is at 1.4423, only break above this level could indicate that the fall from 1.4939 is complete.
USDJPY’s downward move from 85.51 had completed at 79.58 already. The pair is now in uptrend from 79.58. Further rise is expected in a couple of days, and next target would be at 81.85 area. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.
USDCAD rebounded strongly from 0.9513, suggesting that a cycle bottom has been formed on 4-hour chart. Range trading between 0.9513 and 0.9721 would likely be seen in next several days. Resistance is at 0.9721, only break above this level could signal resumption of uptrend.
USDCHF’s upward move from 0.8553 extended to as high as 0.8883. Further rise is still possible later today, and next target would be at 0.8950 area. Support is at 0.8780, only break below this level could indicate that the rise from 0.8553 is complete.
AUDUSD dropped sharply from 1.0888, suggesting that a cycle top has been formed on 4-hour chart. Now the fall is treated as resumption of downtrend from 1.1011. Deeper decline towards 1.0536 previous low could be seen, below this level will target 1.0400 zone.