USDCAD breaks above 0.9981 previous high and further rise to 1.0035 area to reach the next short term cycle top on 4-hour chart is still possible in a couple of days. Near term support is at 0.9796, a break of this level will confirm the cycle top, and indicate that the consolidation from 0.9709 has completed and deeper decline to retest 0.9709 could then be seen.
As expected, AUDUSD breaks below 0.9147 previous low and reaches as low as 0.9127 level. Deeper decline to 0.8900 area is still possible after consolidation. Near term resistance is at 0.9385, only break of this level will signal the reversal to the down trend.
USDJPY is in down trend and the rebound from 95.77 is treated as consolidation to the down trend. Further fall to 92.00 area is still possible after consolidation. Near term resistance is at 101.00, as long as this resistance holds, we’d expect down trend to continue.
EURUSD is forming a short term cycle top at 1.5902 level, sideways consolidation in a range between 1.5531 and 1.5902 is possible in a couple of days. As long as the key support at 1.5531 holds, we’d expect up trend to resume, and a break below the key support will indicate that the up trend from 1.4438 (Feb 7 low) has completed.
GBPUSD breaks below 1.9994 key support and has formed a short term cycle top at 2.0391 level. The up trend from 1.9361 (Feb 20 low) has completed, and decline to retest 1.9720 previous low support is expected to follow.
USDCHF is forming a short term cycle bottom at 0.9634 on 4-hour chart. Consolidation could be seen before breaking below 0.9634 level. Near term resistance is at 1.0120, as long as this resistance holds, we’d expected down trend to resume.