USDCHF has formed a cycle top at 0.9769 on 4-hour chart. Key support is a the upward trend line from 0.9043 to 0.9367, as long as the trend line support holds, the fall from 0.9769 is treated as consolidation of the uptrend, and one more rise towards 1.0000 is still possible. On the downside, a clear break below the trend line could indicate that the uptrend has completed at 0.9769 already, then the following downward movement could bring price back to 0.9200 zone.
EURUSD bounced from 1.2288 last Friday, suggesting that a cycle bottom has been formed, and consolidation of the downtrend from 1.3283 is underway. Further rise to test the resistance of the downtrend line from 1.3283 to 1.2823 could be seen in a couple of days, a clear break above the trend line could signal completion of the downtrend. However, as long as the trend line resistance holds, another fall could be expected after consolidation, and one more fall towards 1.2000 is still possible.
USDCAD’s upward movement from 0.9799 extends to as high as 1.0442. Key support remains at the trend line on 4-hour chart, as long as the trend line resistance holds, uptrend could be expected to continue, and next target would be at 1.0500 area.
AUDUSD’s downward movement from 1.0474 extends to as low as 0.9581. Resistance is now at the trend line from 1.0474 to 0.9897, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9500 area.
USDJPY may be forming a cycle bottom at 77.66 on 4-hour chart. Consolidation of the downtrend from 84.17 (Mar 15 high) would likely be seen over the next several days, and the trading range would be between 77.66 and 79.00.
GBPUSD bounced from 1.5268 last Friday, suggesting that a cycle bottom has been formed, and consolidation of the downtrend from 1.6301 is underway. Range trading between 1.5268 and 1.5500 would likely be seen over the next several days. As long as 1.5500 resistance holds, we’d expect downtrend to resume, and another fall towards 1.5000 is still possible.