GBPUSD continues its downward movement from 1.6174, and the fall extends to as low as 1.5836. Resistance remains at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.5800 area. On the upside, a clear break above the trend line resistance will indicate that consolidation of the downtrend is underway, then sideways movement could be seen to follow.
AUDUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that the uptrend from 1.0236 had completed at 1.0480 already. Further decline could be expected, and next target would be at 1.0300 area. Resistance is at 1.0400, only break above this level could trigger another rise to test 1.0480 resistance.
USDJPY breaks above 79.63 resistance, and bounce to as high as 80.30, suggesting that a cycle bottom has been formed at 79.07 on 4-hour chart, and the uptrend from 77.14 (Sep 13 low) has resumed. Further rise to test 80.67 could be expected after a minor consolidation, a break above this level will target 81.50 area. Support is at 79.85, as long as this level holds, the uptrend from 79.07 will continue.
EURUSD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 1.2661. However the rise is likely consolidation of the downtrend from 1.3138, as long as 1.2850 key resistance holds, the downtrend could be expected to resume, and another fall towards 1.2500 is still possible after consolidation.
USDCHF has formed a cycle top at 0.9511 on 4-hour chart. Range trading between 0.9400 and 0.9511 would likely be seen in a couple of days. As long as 0.9400 key support holds, the fall from 0.9511 is treated as consolidation of the uptrend from 0.9214, another rise towards 0.9600 is still possible after consolidation.
USDCAD’s upward movement from 0.9874 extends to as high as 1.0041. Further rise could be expected and the target would be at 1.0100 area. Support is at 0.9980, only break below this level will suggest that a cycle top is being formed on 4-hour chart, then further decline to test the support of the lower line of the price channel could be seen.