Being contained by the lower border of the rising price channel, USDJPY rebound sharply from 94.36 level, suggesting that a short term cycle bottom is being formed. Range trading between 94.36 and 95.88 would more likely be seen in a couple of days, and one more rise above 95.88 is still possible. Near term support is at the bottom of the price channel and key support is located at 94.01, below this level will indicate that the uptrend from 91.73 has completed, then the following downtrend will take price back to re-test 91.73 previous low support.
No changed in our view, AUDUSD remains in short term uptrend from 0.8124 and the fall from 0.8469 is treated as consolidation of uptrend. Further rally to 0.8600 is still possible in a couple of days. Initial support is now at 0.8385 followed by 0.8360, as long as these levels hold, uptrend will continue.
USDCAD remains in downtrend from 1.1723 and the rise from 1.0632 is more likely consolidation of downtrend. Range trading be tween 1.0632 and 1.0850 is expected in a couple of days. Key resistance is at 1.9330, as long as this level holds, we would expect downtrend to resume and deeper decline to 1.0500 zone is still possible. However, above 1.0933 will suggest that the fall from 1.1723 has completed at 1.0632 level already.
GBPUSD remains in uptrend from 1.6339 and the price action from 1.7003 is treated as consolidation of uptrend. Further rally is expected to 1.7200 zone after consolidation. Initial support is now at 1.6885 followed by 1.6800, as long as these levels hold, uptrend will continue.
EURUSD remains in uptrend from 1.4007 and the fall from 1.4444 is treated as consolidation of uptrend. Near term support is now at 1.4365 followed by 1.4320, as long as 1.4320 level holds, we would expect uptrend to resume and further rally to 1.4600 is possible. Near term resistance is at 1.4444, a break above this level will signal resumption of uptrend.
After breaking below 1.0590 previous low support, USDCHF trades in a narrow range between 1.0562 and 1.0645. The price action in the trading range is treated as consolidation of downtrend. A break below 1.0562 will signal deeper decline towards 1.0400 zone.