USDCHF breaks below 1.0797 key support, suggesting that a short term cycle top has been formed at 1.0883 level on 4-hour chart. Range trading between 1.0750 and 1.0883 is expected in next several days. However, the price action from 1.0883 is treated as consolidation of uptrend, one more rise towards 1.1000 is still possible after consolidation.
USDCAD breaks above 1.0933 key resistance, suggesting that the downtrend from 1.1723 has completed at 1.0632 already. Now the pair is in short term uptrend. Further rise to 1.1200 zone is possible later today. Near term support is at 1.0920, as long as this level holds, uptrend will continue.
EURUSD remains in downtrend from 1.4447. As long as 1.4218 key resistance holds, we would expect downtrend to resume and deeper decline to 1.4050 is still possible. However, a break above 1.4218 level will indicate that a short term cycle bottom has been formed on 4-hour chart.
USDJPY drops sharply to as low as 95.69, suggesting that a short term cycle top has been formed at 97.78 level on 4-hour chart. Deeper decline to 95.00 zone is expected in a couple of days. Initial resistance is at 96.10 followed by 96.35, as long as these levels hold, the short term downtrend from 97.78 will continue.
AUDUSD breaks below the support of the price channel on 4-hour chart. Deeper decline is now in favor and short term target would be at 82.00 zone. Near term resistance is at 0.8360, as long as this level holds, we would expect downtrend to continue.
GBPUSD remains in downtrend from 1.7042 and the price action above 1.6430 is treated as consolidation of downtrend. Near term resistance is at 1.6580 followed by 1.6625, as long as these levels hold, downtrend will continue.