EURUSD broke above the price channel resistance, suggesting that a cycle bottom is being formed at 1.4048 on 4-hour chart. Range trading between 1.4048 and 1.4339 could be seen in a couple of days. Key resistance is at 1.5339, as long as this level holds, the price action from1.4048 is treated as consolidation of downtrend from 1.4939, another fall towards 1.3800 is still possible after consolidation. However, a break above 1.4339 will indicate that the fall from 1.4939 had completed at 1.4048 already, then the following upward move could bring price back to 1.4500-1.4600 area.
USDCHF broke below 0.9795 key support, suggesting that a cycle top has been formed at 0.8945 on 4-hour chart, and the rise from 0.8553 has completed. Deeper decline is expected later today, and next target would be at 0.8650 area. Resistance is at 0.8945, only break above this level could trigger another rise towards 0.9000 zone.
GBPUSD might be forming a cycle bottom at 1.6147 on 4-hour chart. Range trading between 1.6147 and 1.6325 could be seen in a couple of days. As long as 1.6325 resistance holds, we’d expect downtrend to resume, and another fall towards 1.6000 is still possible.
USDJPY broke above 81.32 resistance, suggesting that the uptrend from 79.58 has resumed. Further rise is expected in a couple of days, and next target would be at 83.00 zone. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.
After touching the upper border of the price channel on 4-hour chart, USDCAD pulled back from 0.9793, suggesting that a cycle top is being formed. Further fall towards 0.9600 area would likely be seen.
AUDUSD is in downtrend from 1.0888, the bounce from 1.0505 is treated as consolidation of downtrend. Resistance is at 1.0700, as long as this level holds, downtrend could be expected to resume, and another fall towards 1.0400 is possible.