EURUSD’s bounce from 1.2661 extends to as high as 1.2801, and is now facing the resistance of the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the bounce could be treated as consolidation of the downtrend from 1.3138, and another fall towards 1.2500 is still possible after consolidation, and the downtrend could be expected to resume after touching the channel resistance, only a clear break above the channel resistance will indicate that the downward movement is complete.
GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.6174. Resistance is at the trend line, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.5800 area. On the other side, a clear break above the trend line resistance will suggest that consolidation of the downtrend is underway, then bounce to 1.5900-1.5950 area could be seen.
AUDUSD’s downward movement from 1.0480 extends to as low as 1.0306. Further decline could be expected after a minor consolidation, and next target would be at 1.2500 area. Resistance is at 1.0400, only break above this level could trigger another rise to test 1.0480 resistance.
USDJPY breaks above 80.67 previous high resistance and reaches as high as 81.45, suggesting that the uptrend from 77.14 (Sep 13 low) has resumed. Further rise could be expected, and next target would be at 82.00 area. Support is now at 80.90, as long as this level holds, the uptrend from 79.07 will continue.
USDCHF is facing the support of the lower line of the upward price channel on 4-hour chart. As long as the channel support holds, the fall from 0.9511 could be treated as consolidation of the uptrend from 0.9214, and another rise towards 0.9600 is still possible, only a clear break below the channel support could signal completion of the uptrend.
USDCAD remains in uptrend from 0.9874, and the rise extends to as high as 1.0041. Another rise could be expected after consolidation, and next 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.