Being contained by the falling trend line from 1.1113 to 1.0933, USDCAD drops from 1.0783, suggesting that a short term cycle top is being formed on 4-hour chart. Deeper decline is expected to test 1.0632 previous low support later today, a break down below this level will confirm the cycle top and signal deeper decline to 1.0500 zone. Near term resistance is at the falling trend line now at 1.0765, above this level will indicate that lengthier consolidation of downtrend is underway.
USDJPY stays in the rising price channel and remains in uptrend from 91.73. Range trading between 94.36 and 95.88 would more likely be seen in a couple of days and further rally is still possible to 96.00-96.50 area after consolidation. Near term support is at 94.36 and key support is at 94.01, below these levels will indicate that the uptrend from 91.73 has completed at 95.88 level already, then further fall to test 91.73 previous low support could be seen to follow.
AUDUSD stays above the rising trend line from 0.7703 to 0.8124 and remains in uptrend. The price action from 0.8469 is treated as consolidation of the uptrend. Near term support is at 0.8360 and key support is at the rising trend line, as long as the trend line support holds, we would expect uptrend to resume and further rally to 0.8600 is possible.
GBPUSD remains in short term uptrend from 1.6339 and the rise extends to as high as 1.7042 level. Further rally is still in favor and next target would be at 1.7200 zone. Near term support is at now 1.6888, as long as this level holds, uptrend will continue.
EURUSD remains in uptrend from 1.4007 and the price action from 1.4444 is treated as consolidation of uptrend. Further rise towards 1.4600 is still possible after consolidation. Near term support is now at 1.4356, as long as this level holds, we’d expect the uptrend to continue.
USDCHF remains in downtrend from 1.0933 and the rebound from 1.0562 is more likely consolidation of downtrend. Range trading between 1.0562 and 1.0659 is expected in a couple of days and deeper decline is still possible after consolidation. Near term support is at 1.0562, below this level will indicate that the downtrend has resumed and target would be at 1.0450-1.0500 area.