EURUSD breaks below the rising support trend line on 4-hour chart, suggesting lengthier consolidation of uptrend from 1.4484 is underway. Range trading between 1.4780 and 1.4966 is expected to follow, and a short term cycle bottom is expected to be formed above 1.4780 support. However, below 1.4780 will signal deeper decline to 1.4600 area. Key resistance is now at 1.4966, a break above this level will indicate that the uptrend from 1.4484 has resumed, then another rise towards 1.5100 could be seen.
USDCAD has formed a short term cycle bottom at 1.0206 level on 4-hour chart. Range trading between 1.0206 and 1.0500 is expected in a couple of days. However, the rise from 1.0206 is more likely consolidation of downtrend from 1.0991, deeper decline towards 1.0000 is still possible after consolidation, and a breakdown below 1.0206 level will indicate that the downtrend from 1.0991 has resumed.
After breaking above 90.45 key resistance, the price action of USDJPY is treated as in bullish movement from 88.01. Further rise to test 92.53 resistance is expected in a couple of days. Initial support is at 90.45 followed by 90.00, as long as these levels hold, uptrend will continue.
AUDUSD pulls back from 0.9269, suggesting that a short term cycle top is being formed on 4-hour chart. Deeper decline is expected in a couple of days and target would be at 0.8984 zone. Resistance level is now at 0.9269, only rise above this level will indicate that the uptrend from 0.8567 has resumed.
GBPUSD remains in uptrend from 1.5708. Further rise is still possible later today and next target would be at 1.6600 area. Initial support is at 1.6200, as long as this level holds, uptrend could be expected to continue.
USDCHF stays below a falling trend line extended from 1.0452 on 4-hour chart and remains in downtrend. As long as the trend line resistance holds, we’d expect downtrend to resume, and another fall towards 1.0000 area is still possible. However, above the trend line resistance will suggest that the fall from 1.0452 has completed at 1.0117 level already, then the following uptrend will take price back to 1.0400 zone.