USDJPY pulls back to as low as 103.40. Further fall to 103.00 area to reach the next short term cycle bottom on 4-hour chart is expect and the next cycle bottom is nearing. As long as 102.67 support holds, we’d expect up trend to resume and rise above 105.70 previous high resistance is still in favor.
EURUSD is in down trend. The bounce from 1.5284 is treated as correction to the down trend. As long as 1.5594 resistance holds, we’d expect down trend to resume and deeper decline to 1.5000 area is still possible after correction.
Being contained by previous low support at 0.9987, USDCAD rebounded from 0.9998. The rise from 0.9998 is treated as consolidation to the down trend. Deeper decline to 0.9900 is still in favor after consolidation. Key resistance is located at 1.0326, a break of this level will signal resumption of the long term up trend.
AUDUSD formed a short term cycle top at 0.9505 level on 4-hour chart. Sideways consolidation may be expected in the next few days. A break of 0.9541 key resistance will signal the resumption of the long term up trend. However, pullback below 0.9275 would more likely be seen and deeper decline to 0.9100 area is still possible.
USDCHF is in consolidation to the up trend. As long as 1.0425 support holds, we’d expect up trend to resume and further rally to 1.0700 area is still possible in the next few days. Key support is now located at 1.0425, only break of this level will signal reversal to the up trend.
GBPUSD is in down trend. Deeper decline to retest 1.9337 (Jan 22 low) long term key support is now in favor. Initial resistance is at 1.9772, as long as this resistance holds, down trend will continue.