Being contained by 1.3290 resistance, EURUSD pulled back from 1.3284, suggesting that a cycle top is being formed on 4-hour chart. Further decline would likely be seen later today, and next target would be at 1.3050 area. Key resistance is at 1.3290, only break above this level will indicate that the fall from 1.3486 had completed at 1.3003, then the following upward movement could bring price to test 1.3486 previous high resistance.
USDJPY is in consolidation of the uptrend from 76.02. Range trading between 82.00 and 84.17 could be seen over the next several days. Key support is now located at 82.00, below this level will indicate that the uptrend has completed, then deeper decline could be seen to 80.00-81.00 area.
GBPUSD breaks below 1.5800 support, suggesting that a cycle top has been formed at 1.5922 on 4-hour chart, and the upward movement from 1.5602 has completed. Further decline would likely be seen and next target would be at 1.5700 area. Key resistance is now at 1.5922, only break above this level could trigger another rise towards 1.6300.
AUDUSD breaks below 1.0421 support and reaches as low as 1.0336, suggesting that the downtrend from 1.0855 has resumed. Further decline is still possible after a minor consolidation, and next target would be at 1.0200 area. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend will continue.
USDCAD’s rise extends to as high as 1.0008. Further rise to test 1.0050 key resistance would likely be seen, a break above this level could signal completion of the downtrend from 1.0422 (Dec 14, 2011 high). On the other side, as long as 1.0050 level holds, the price action in the range between 0.9841 and 1.0050 is treated as consolidation of the downtrend, and one more fall to 0.9700-0.9800 area to complete the downward movement is still possible.
Being contained by 0.9071 support, USDCHF rebounded from 0.9077, suggesting that a cycle bottom is being formed formed on 4-hour chart. Further rise would likely be seen later today, and next target would be at 0.9250, support is at 0.9077, only break below this level could signal resumption of the downtrend from 0.9333.