GBPUSD’s rise from 1.5674 extends to as high as 1.5875. The pair is now facing 1.5900 key resistance, a break above this level will indicate that the downtrend from 1.6339 has completed, then another rise towards 1.6500 could be seen. However, as long as 1.5900 resistance holds, the rise from 1.5674 would possibly be consolidation of the downtrend, and another fall to 1.5500 to complete the downward movement is still possible.
USDCHF breaks below 0.9083 previous low support and reaches as low as 0.9075, suggesting that the downtrend from 0.9971 (Jul 24, 2012 high) has resumed. Further decline could be expected and next target would be at 0.9000 area. Resistance is at 0.9170, only break above this level could bring price back to 0.9300 zone.
AUDUSD remains in downtrend from 1.0597, the price action from 1.0384 is likely consolidation of the downtrend. Resistance is at 1.0500, as long as this level holds, another fall could be expected and next target would be at 1.0300 area. On the upside, a break above 1.0500 resistance will indicate that the downtrend has completed, then further rise towards 1.0700 could be seen.
EURUSD’s upward movement from 1.2998 extends to as high as 1.3617. Further rise could be expected and next target would be at 1.3700 area. Support is now located at 1.3540, as long as this level holds, the uptrend will continue.
USDJPY’s upward movement from 88.06 extends to as high as 91.85. Support is now at 90.50, as long as this level holds, the uptrend could be expected to continue, and next target would be at 92.50 area. Only break below 90.50 support will indicate that a cycle top is being formed on 4-hour chart, and lengthier consolidation of the longer term uptrend from 82.11 is underway, then pullback to 90.00 area could be seen.
USDCAD’s downward movement from 1.0100 extends to as low as 0.9956. Further decline could be expected after a minor consolidation and next target would be at 0.9900 area. Resistance is now at 1.0000, as long as this level holds, the downtrend will continue.