USDCAD broke above 0.9885 resistance and reached as high as 0.9946 last Friday, suggesting that lengthier consolidation of the downtrend from 1.0055 is underway. Further rise would likely be seen and the target would be at the upper line of the price channel on 4-hour chart. Support is at 0.9890, only break below this level could indicate that a cycle top has been formed at 0.9946, then further decline to test 0.9815 previous low support could be seen.
USDJPY stays above a upward trend line on 4-hour chart, and remains in uptrend from 82.11. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 91.00 area. On the downside, a clear break below the trend line will indicate that a cycle top has been formed at 90.24, then consolidation of the uptrend could be seen.
EURUSD trades in a range between 1.3256 and 1.3403. As long as 1.3200 key support holds, the price action in the range is treated as consolidation of the uptrend from 1.2998, and another rise could be expected after consolidation.
USDCHF may be forming a cycle top at 0.9388 on 4-hour chart. Key support is at 0.9285, a breakdown below this level will indicate that the uptrend from 0.9110 has completed, then further decline towards 0.9083 previous low could be seen. Resistance is at 0.9388, only break above this level could trigger another rise to 0.9450 zone.
AUDUSD’s downward movement from 1.0597 extends to as low as 1.0485. However, the fall is treated as consolidation of the uptrend from 1.0344, another rise would likely be seen after consolidation, and a clear break above the downward trend line on 4-hour chart could signal resumption of the uptrend.
GBPUSD’s downward movement from 1.6176 extends to as low as 1.5843. Further decline is still possible and next target would be at 1.5800 area. Resistance is at 1.5950, only break above this level could signal completion of the downtrend.