USDJPY stays in a upward price channel on 4-hour chart. Support is at the lower line of the channel, as long as the channel support holds, the uptrend from 77.66 could be expected to resume, and another rise towards 83.00 is still possible. However, a clear break below the channel support will indicate that the rise from 77.66 has completed at 80.62 already, then the following downward movement could bring price back to 76.00-77.00 area.
USDCHF remains in uptrend from 0.9421. Support is at 0.9585, as long as this level holds, the uptrend could be expected to continue, and next target would be at 0.9700-0.9750 area. On the downside, a breakdown below 0.9585 support will indicate that a cycle top has been formed at 0.9651 on 4-hour chart, then pullback to 0.9500 area could be seen.
GBPUSD remains in downtrend from 1.5776, the price action from 1.5538 is treated as consolidation of the downtrend. Another fall could be expected after consolidation and next target would be at 1.5450 area. Resistance is at 1.5685 followed by 1.5776, only break above these levels could trigger another rise towards 1.6000.
EURUSD remains in downtrend from 1.2747. Resistance is at 1.2530, as long as this level holds, downtrend could be expected to continue, and next target would be at 1.2350 area. On the upside, a break above 1.2530 resistance will indicate that a cycle bottom has been formed at 1.2442 on 4-hour chart, then further rise to 1.2600-1.2650 area. Could be seen.
AUDUSD has formed a cycle bottom at 0.9968 on 4-hour chart. However, the rise from 0.9968 is likely correction of the downtrend from 1.0223, and another fall towards 0.9850 area is still possible after consolidation. Key resistance is at 1.0223, only break above this level could trigger another rises to 1.0400 area.
No changed in our view, USDCAD is in downtrend from 1.0445, the price action from 1.0200 is likely consolidation of the downtrend. Further rise would likely be seen, and the target would be 1.0350 area. As long as 1.0445 key resistance holds, we’d expect downtrend to resume, and another fall towards 1.0000 is still possible after consolidation.