After touching the trend line from 0.9513 to 0.9655, USDCAD rebounded from 0.9712, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise towards 0.9851 is expected later today, a break above this level will confirm that the uptrend from 0.9444 has resumed, then next target would be at 0.9900 zone. Only break below 0.9712 could indicate that lengthier consolidation of uptrend is underway, then the pair will find support at 0.9650 area.
USDJPY is forming a cycle bottom at 79.69 on 4-hour chart. Further rally could be expected later today, and target would be at the upper border of the price channel. As long as the channel resistance holds, the bounce from 79.69 could be treated as consolidation of downtrend from 82.22, and another fall to re-test 79.58 support is still possible. However, a clear break above the channel resistance will indicate that lengthier consolidation of downtrend from 85.51 (Apr 6 high) is underway, then another rise to 82.50-83.00 area could be seen.
AUDUSD’s downward move from 1.0773 extended to as low as 1.0522. Further fall is still possible in a couple of days, and target would be at the lower border of the price channel on 4-hour chart. Resistance is at 1.0650, only break above this level could trigger another rise towards 1.1011 previous high.
EURUSD continued its sharp drop, and the fall from 1.4696 extended to as low as 1.4321. Another fall is still possible after a minor consolidation, and next target would be at 1.4200. Resistance levels are at 1.4400 and 1.4460, as long as these levels hold, downtrend will continue.
GBPUSD broke below 1.6286 support and reached as low as 1.6214. The pair is now in downtrend from 1.6546. Further fall could be expected in a couple of days, and next target would be at 1.6150 area.
USDCHF is now facing 0.8452 resistance, a break above this level will suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.8650-0.8700 area. Support is at 0.8326, a break below this level will indicate that the downtrend from 0.8945 has resumed, then next target would be at 0.8200 zone.