USDCHF failed to test 1.0526 resistance and pulled back sharply from 1.0520 level. The pair is back to range trading between 1.0214 and 1.0526. Deeper decline to retest 1.0272 is still possible later today. Initial resistance is at 1.0526, only break of this level will signal resumption of up trend.
USDCAD’s up trend extends to as high as 1.0219 and is testing 1.0242 resistance. Consolidation may be expected before breaking above 1.0242 level. Initial support is at 1.0150 and followed by 1.0065 level.
EURUSD rebounds sharply from 1.5365 level. However, the rise is treated as correction to down trend. As long as 1.5818 key resistance holds, we’d expect down trend to resume and pullback to retest 1.5284 (May 8 low) is still possible.
USDJPY breaks above 105.87 previous high resistance and reaches 106.42 level. Further rally to 108.00 area is expected. Initial support is at 105.55 and followed by the up trend line from 102.73 to 103.87. As long as the trend line support holds, up trend will continue.
No changed in our view, AUDUSD is forming a sideways consolidation in a range between 0.9486 and 0.9653 (May 21 high). Rebound from 0.9486 could possibly be resumption of up trend. Further rise above 0.9653 is possible, and a break of 0.9629 will signal resumption of up trend. Only fall below 0.9486 will indicate lengthier consolidation is underway, and then deeper decline to 0.9430 area is expected to follow.
GBPUSD is in down trend. Rebound from 1.9461 is treated as correction to down trend. Deeper decline to test 1.9363 (May 14 low) is still in favor after correction. Near term resistance is at the falling price channel. As long as the channel resistance holds, we’d expect down trend to resume, and a break below 1.9461 level will confirm such case.