Being supported by the lower border of the price channel on 4-hour chart, USDCHF rebounded from 0.8917, suggesting that a cycle bottom has been formed. Further rise to test 0.9181 resistance could be seen later today, a break above this level will signal resumption of the uptrend from 0.7711. Support remains at the lower border of the channel, only a clear break below the channel could indicate that lengthier consolidation of uptrend is underway.
GBPUSD has formed a cycle top at 1.5715 on 4-hour chart. Pullback to 1.5400-1.5450 area to reach next cycle bottom is expected. As long as 1.5327 key support holds, the fall from 1.5715 is treated as correction of uptrend, one more rise to 1.5800 is still possible after correction.
USDJPY remains in short term uptrend from 76.09. Support is at the uptrend 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 77.50 area. Only a clear break below the trend line could indicate that the rise from 76.09 is complete.
AUDUSD is facing the 0.9622 support, a breakdown below this level will signal resumption of downtrend from 1.0764, then further fall towards 0.9000 could be seen. Resistance remains at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
EURUSD broke below 1.3362 support and reached as low as 1.3322, suggesting that the downtrend from 1.4548 has resume. Further fall could be seen in next several days, and next target would be at 1.3000. Resistance is at 1.3420 followed by 1.3500, as long as these levels hold, downtrend will continue.
USDCAD’s upward movement from 0.9779 extended further to as high as 1.0466. Support is now at 1.0315, as long as this level holds, uptrend could be expected to continue, and next target would be at 1.0600 zone.