GBPUSD failed to test 1.6663 resistance and fell down from 1.6623 level. The pair is forming a short term cycle top on 4-hour chart, key support is located at 1.6375, a break below this level will confirm the cycle top, and signal deeper decline to re-test 1.6275 previous low support. Key resistance remains at 1.6663, only rise above this level will suggest that the downtrend from 1.7042 has completed at 1.6275 level already, then further rally could be seen to 1.6800-1.6850 area.
USDCAD’s short term downtrend from 1.1124 extends further to as low as 1.0725 level. Deeper decline is still possible alter today and target is at 1.0650-1.0700 area. Near term resistance is at 1.0805 followed by 1.0865, as long as these levels hold, downtrend will continue.
USDJPY Analysis. Being contained by 95.28 resistance, USDJPY drops from 95.05 level. The pair might be forming a short term cycle top on 4-hour chart. Consolidation between 93.42 and 95.05 is expected in a couple of day, and deeper decline to 90.00 zone could be seen after consolidation.
EURUSD remains in uptrend from 1.4045 and the fall from 1.4375 is treated as consolidation of uptrend. Further rise to test 1.4447 previous high resistance is still possible after consolidation. Key support is now located at 1.4200, only fall below this level will indicate that a short term cycle top has been formed at 1.4375 level and the uptrend from 1.4145 has completed, then the fallowing downtrend will take price back to re-test 1.4045 support.
USDCHF rebounded from 1.0553 level. Range trading between 1.0553 and 1.0650 is expected in a couple of days. Key resistance is at the upper border of the falling price channel on 4-hour chart. As long as channel resistance holds, we’d expect downtrend from 1.0883 to resume and another fall is still possible.
AUDUSD remains in short term uptrend from 0.8155. Further rise to test 0.8477 previous high resistance is still possible later today. As long as this level holds, we’d expect downtrend to resume, and pullback towards 1.0700 is possible. However, a break above 0.8477 previous high resistance will suggest that the uptrend from 0.7703 has resumed, then further rally could be seen to 0.8700 zone.