EURUSD formed a short term cycle top at 1.4197 level on 4-hour chart. Deeper decline is possible to test 1.3889 supprt later today, a break down below this level will confirm that the uptrend from 1.3748 has completed at 1.4197 level, then the following downtrend will take price to 1.3750-1.3800 area. Near term resistance is at 1.4030, as long as this level holds, we’d expect the short term downtrend from 1.4197 to continue.
AUDUSD formed a short term cycle top at 0.8155 level on 4-hour chart and remains in short term downtrend from 0.8155. Deeper decline towards 0.7789 is still possible in a couple of days. Key resistance is now located at 0.8006, as long as this level holds, we’d expect the downtrend to continue, however, a break above this level will indicate that a short term cycle bottom has been formed and the fall from 0.8155 has completed.
USDCAD stays in the rising price channel on 4-hour chart and remains in uptrend from 1.0784. Further rally is still in favor and the next target would be at 1.1700 or even higher. Near term support is at the lower border of the rising price channel, and key support is at 1.1418, only fall below this level will indicate that the uptrend from 1.0784 has completed.
As expected, USDJPY formed a short term cycle top at 96.97 level on 4-hour chart. Deeper decline is still possible to test 94.87 previous low support, below this level will signal further fall towards 92.00 zone.
GBPUSD is moving to test 1.6187 support, a break below this level will signal deeper decline to 1.5950-1.6000 area. However, rebound could possibly be seen before breaking below 1.6187 level. Near term resistance is at 1.6370, and key resistance is located at 1.6430, rise above this level will indicate that a short term cycle bottom has been formed on 4-hour chart, then the following rebounds will take price to 1.6550 zone.
USDCHF break above the resistance of the falling trend line on 4-hour chart. Range trading between 1.0712 and 1.1021 is expected in a couple of days, and one more rise above 1.1021 would more likely be seen after consolidation.