GBPUSD’s fall from 1.6164 can reach 1.5877 only, the subsequent rise would possibly be resumption of uptrend from 1.5272. Further rise to test 1.6164 key resistance is expected later today, a break above this level could trigger another rise towards 1.6500. Support is now at 1.5877, only break below this level could indicate that lengthier consolidation of uptrend is underway.
USDCAD is forming a cycle top at 1.0222 on 4-hour chart. Range trading between 1.0000 and 1.0222 is expected in a couple of days. As long as 0.9891 key support holds, the fall from 1.0222 is treated as consolidation of uptrend, one more rise towards 1.0400 is still possible, and a break above 1.0222 could signal resumption of uptrend.
AUDUSD is forming a cycle bottom at 1.0202 on 4-hour chart. Range trading between 1.0202 and 1.0550 would likely be seen in a couple of days. However, the rise from 1.0202 is treated as consolidation of downtrend from 1.0751, another fall to 1.0000 could be seen after consolidation.
USDCHF is forming a cycle top at 0.8958 on 4-hour chart. Pullback to 0.8650 area is expected in a couple of days. As long as 0.8569 support holds, the fall from 0.8958 is treated as consolidation of uptrend, one more rise to 0.9100 is still possible after consolidation.
USDJPY continued its sideways consolidation in a range between 77.68 and 78.96. Lengthier consolidation in the range is expected in a couple of days. Support is at 77.68, a breakdown below this level will target 77.00 zone.
EURUSD is forming a cycle bottom at 1.3609 on 4-hour chart. Further rally is possible in a couple of days, and target would be at 1.4000 area. However, the bounce from 1.3609 is likely correction of the longer term downtrend from 1.4246, and one more fall to 1.3400 is possible after correction.