EURUSD’s bounce from 1.4321 extended to as high as 1.4497, suggesting that a cycle bottom had been formed at 1.4321 on 4-hour chart. Lengthier consolidation of downtrend from 1.4696 is possible in a couple of days, and range trading between 1.4321 and 1.4497 is expected. Support is at 1.4321, a breakdown below this level will indicate that the downtrend from 1.4696 has resumed, then another fall towards 1.3969 could be seen.
USDCAD’s fall from 0.9851 extended further to as low as 0.9673. Deeper decline to test 0.9655 support is possible later today, a breakdown below this level will indicate that the uptrend from 0.9444 had completed at 0.9851 already, then the following downward move could bring price back to 0.9500-0.9600 area. On the other side, as long as 0.9655 support holds, the price action from 0.9851 could be treated as consolidation of uptrend, and one more rise towards 1.0000 is still possible.
USDJPY remains in short term uptrend from 79.69. Further rise would likely be seen later today, and next target would be at 81.00 area. Support is now at 80.00, followed by 79.69, only break below this level could trigger another fall towards 78.00.
AUDUSD is facing the upper border of the price channel on 4-hour chart, a clear break above the channel resistance could trigger another rise towards 1.1011 previous high. As long as the channel resistance holds, we’d expected downtrend to resume, and one more fall towards lower border of the channel is still possible.
GBPUSD may be forming a cycle top at 1.6441 on 4-hour chart. Range trading between 1.6300 and 1.6441 would likely be seen in a couple of days. Key resistance is at 1.6441, a break above this level could trigger another rise towards 1.6745 previous high.
USDCHF is facing 0.8467 resistance, a break above this level will indicate that lengthier consolidation of downtrend is underway, then next target would be at 0.8550-0.8600 area. Key support is at 0.8326, only break below this level could signal resumption of downtrend.