USDCHF breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9114. Further rally would likely be seen later today, and the target would be at 0.9300 area. Key resistance is at 0.9350, as long as this level holds, the bounce from 0.9114 is treated as consolidation of downtrend from 0.9594, and another fall towards 0.8900 is still possible after consolidation. On the upside, a break above 0.9350 will indicate that the downtrend has completed at 0.9114 already, then further rise towards 0.9594 previous high could be seen.
EURUSD breaks below 1.3077 support, suggesting that a cycle top has been formed at 1.3233 on 4-hour chart, and the uptrend from 1.2624 has completed. Further decline would likely be seen in a couple of days, and the target would be at 1.2800-1.2900 area. Key resistance is at 1.3233, only break above this level could trigger another rise towards 1.3500.
AUDUSD moved sideways in a range between 1.0526 and 1.0687 for several days. The price action in the range is treated as consolidation of uptrend from 1.0145. Key support is at 1.0526, as long as this level holds, we’d expect uptrend to resume, and another rise towards 1.0900 is still possible after consolidation. However, a breakdown below 1.0526 will indicate that a cycle top has been formed at 1.0687 on 4-hour chart, then the pair will find support around 1.0450.
USDJPY’s downward move from 78.28 extends to as low as 76.14. Further decline would likely be seen later today, and the target would be at 76.00 area. Resistance is at 76.75, only break above this level could signal completion of the downtrend from 78.28.
USDCAD’s downward movement from 1.0318 extended to as low as 0.9965. Resistance remains at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and further fall towards 0.9900 is possible, only a clear break above the trend line could indicate that a cycle bottom has been formed at 0.9965.
GBPUSD’s upward movement extends to as high as 1.5795. Further rise is still possible after a minor consolidation and next target would be at 1.5850 area. Initial support is at the upward trend line on 4-hour chart, and the key support is at 1.5640, only break below this level could signal completion of the uptrend.