EURUSD remains in uptrend from 1.4007 and the price action from 1.4444 is treated as consolidation of uptrend. Near term support is now at 1.4250, as long as this level holds, we’d expect the uptrend to resume and further rise towards 1.4600 is still possible after consolidation . However, below 1.4250 level will indicate that a short term cycle top has been formed at 1.4447, then deeper decline could be seen to 1.4150 zone.
USDCAD breaks above the falling trend line from 1.1113 to 1.0933, suggesting lengthier consolidation of downtrend is underway. Further rise is still possible to 1.0850 later today. As long as 1.0933 key resistance holds, we would expect downtrend to resume and deeper decline to 1.0500 is still possible after consolidation. However, above 1.0933 level will indicate that the downtrend from 1.1723 has completed at 1.0632 already.
No changed in our short term outlook, USDJPY stays in the rising price channel and remains in uptrend from 91.73. Sideways consolidation between 94.36 and 95.88 is still in favor later today and further rally is 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 remains in uptrend from 0.7703. Near term support is now at the lower border of the rising price channel on 4-hour chart. As long as the channel support holds, we would expect uptrend to resume and further rally to 0.8500-0.8600 area is still possible. However, a clear break below the channel support will suggest that the uptrend from 0.7703 has completed at 0.8469 already.
GBPUSD breaks below 1.6888 key support and drops sharply to as low as 1.6746, suggesting that a short term cycle top has been formed at 1.7042 level on 4-hour chart. Deeper decline is still possible in a couple of days, and target would be in 1.6600-1.6650 area.
USDCHF has formed a short term cycle bottom at 1.0562 level on 4-hour chart. Further rise is now in favor and target would be at 1.0700 zone. However, the rise from 1.0562 is more likely consolidation of downtrend from 1.0933, deeper decline is still possible to 1.0450-1.0500 area is possible after consolidation.