EURUSD may be forming a cycle bottom at 1.2042 on 4-hour chart, further rise to test the resistance of the upper line of the downward price channel on 4-hour chart would likely be seen. As long as the channel resistance holds, the bounce from 1.2042 is treated as consolidation of the downtrend from 1.2747 (Jun 18 high), and another fall towards 1.1876 (2010 low) is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the fall from 1.2747 has completed at 1.2042 already, then the following upward movement could bring price back to 1.2400-1.2500 area.
After touching the lower line of the price channel on 4-hour chart, AUDUSD rebounds from 1.0176, suggesting that a cycle bottom has been formed. Now the rise from 1.0176 would possibly be resumption of the uptrend from 0.9581 (Jun 1 low). Further rise to test 1.0443 previous high resistance could be expected. Key support is now at 1.0176, only a breakdown below this level could signal completion of the uptrend.
Being contained by 1.0249 resistance, USDCAD pulls back from 1.0230, suggesting that a cycle top has been formed on 4-hour chart. Further decline would likely be seen over the next several days, and the first target would be at 1.0065 previous low support. Key resistance remains at 1.0249 only break above this level could signal completion of the downtrend from 1.0445 (Jun 4 high).
USDCHF may be forming a cycle top at 0.9971 on 4-hour chart. Deeper decline to test the support of the lower line of the price channel would likely be seen. As long as the channel support holds, the fall from 0.9971 is treated as consolidation of the uptrend from 0.9421 (Jun 18 low), and another rise towards 1.0000 is still possible. However, a clear break below the channel support will indicate that the uptrend has completed at 0.9971 already, then the following downward movement could bring price back to 0.9500-0.9600 area.
USDJPY moves sideways in a narrow range between 77.94 and 78.45. The price action in the range is likely consolidation of the downtrend from 80.09. Another fall to test 77.66 (Jun 1 low) support would likely be seen after consolidation.
GBPUSD’s downward movement from 1.5735 extends to as low as 1.5458. Further fall to test 1.5393 support could be expected after a minor consolidation. Resistance is now at 1.5550, only break above this level could indicate that a cycle bottom is being formed on 4-hour chart.