Being contained by 1.3171 previous high resistance, EURUSD pulled back from 1.3138, suggesting that a cycle top has been formed on 4-hour chart, and lengthier consolidation of the uptrend from 1.2042 (Jul 24 low) is underway. Deeper decline would likely be seen, and next target would be at 1.2900 area. Key resistance remains at 1.3171, only break above this level could trigger another rise towards 1.3500.
USDCHF has formed a cycle bottom at 0.9214 on 4-hour chart. Further rise would likely be seen and next target would be at 0.9350 area. However, the price action from 0.9239 is treated as consolidation of the downtrend from 0.9971 (Jul 24 high), another fall towards 0.9000 could be expected after consolidation, and a breakdown below 0.9214 could signal resumption of the downtrend.
GBPUSD is facing 1.5976 support, a breakdown below this level will confirm that the downtrend from 1.6309 has resumed, then further decline to 1.5800 area could be expected. Key resistance remains at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.
AUDUSD’s fall from 1.0410 extends to as low as 1.0295. However, the fall is treated as consolidation of the uptrend from 1.0149, another rise towards 1.0500 is still possible after consolidation, and a break above 1.0410 could signal resumption of the uptrend.
USDCAD’s upward movement from 0.9763 extends to as high as 0.9964. Further rise is still possible after a minor consolidation, and next target would be at 1.0000 area. Support is at 0.9870, only break below this level could bring price back to test 0.9763 key support.
USDJPY’s upward movement extends to as high as 80.00. Support is at 79.50, as long as this level holds, the uptrend could be expected to continue, and next target would be at 80.50 area. On the other side, a breakdown below 79.50 will indicate consolidation of the uptrend is underway, then range trading between 79.30 and 80.00 could be seen.