USDCHF breaks below the upward trend line from 0.9043 to 0.9367, suggesting lengthier consolidation of the uptrend from 0.9043 is underway. Range trading between 0.9500 and 0.9769 would likely be seen over the next several days. The uptrend could be expected to resume after consolidation, as long as 0.9500 support holds, one more rise towards 1.0000 is still possible. Key resistance is at 0.9769, a break above this level will signal resumption of the uptrend.
EURUSD break above the downward trend line from 1.3283 to 1.2823, suggesting that lengthier consolidation of the downtrend from 1.3283 is underway. Sideways movement in a range between 1.2288 and 1.2670 would likely be seen over the next several days. Key support is at 1.2288, only break below this level could signal resumption of the downtrend.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.9799, the fall from 1.0445 is treated as consolidation of the uptrend. As long as the trend line support holds, we’d expect uptrend to resume, and another rise to 1.0500 is still possible, only a clear break below the trend line could signal completion of the uptrend.
AUDUSD is facing the resistance of the downward trend line from 1.0474 to 0.9897, a clear break above the trend line resistance will indicate that a cycle bottom has been formed at 0.9581 on 4-hour chart, and lengthier consolidation of the downtrend is underway, then range trading between 0.9581 and 0.9897 could be seen. However, as long as the trend line resistance holds, we’d expect downtrend to resume, and another fall to 0.9500 is still possible.
USDJPY has formed a cycle bottom at 77.66 on 4-hour chart. Range trading between 77.66 and 79.00 would likely be seen over the next several days. Support is at 77.66, only break below this level could signal resumption of the downtrend from 84.17 (Mar 15 high).
GBPUSD has formed a cycle bottom at 1.5268 on 4-hour chart. Range trading between 1.5268 and 1.5500 would likely be seen over the next several days. Resistance is at 1.5500, as long as this level holds, another fall towards 1.5000 is still possible.