Being contained by the upper border of the rising price channel, GBPUSD pulled back from 1.6741 level. Deeper decline is expected to the lower border of the price channel. However the fall from 1.6741 is treated as consolidation of uptrend from 1.6113. As long as the channel support holds, we’d expect the uptrend to resume and further rise to 1.6850-1.6900 area is possible after consolidation, and a break above 1.6741 will signal resumption of uptrend.
After touching 0.8667 resistance, AUDUSD pulled back from 0.8674 level, suggesting that lengthier consolidation is underway. Range trading between 0.8450 and 0.8667 is expected in a couple of days. Near term resistance is now at 0.8674, only rise above this level will signal resumption of uptrend.
EURUSD remains in uptrend from 1.4177. Further rise is still possible to 1.4700 zone in a couple of days. Near term support is at 1.4500 and key support is located at 1.4467, below this level will indicate that a short term cycle top has been formed on 4-hour chart, then pullback to 1.4400 could be seen to follow.
USDCAD formed a short term cycle bottom at 1.0673 level on 4-hour chart. Further rise to 1.0950-1.1000 area is possible in a couple of days, and sideways consolidation in a range between 1.0673 and 1.1000 is expected to follow. Key support is located at 1.0673, a breakdown below this level will signal deeper decline towards 1.0500 zone.
USDCHF continues its short term downtrend from 1.0698. Deeper decline is still possible in a couple of days and next target would be at 1.0250-1.0300 area. Near term resistance is at 1.0425 and key resistance is located at 1.0488, only rise above this level will indicate that the downtrend from 1.0698 has completed.
USDJPY dropped sharply below the falling price channel on 4-hour chart last week and the downtrend from 97.78 is expected to continue in a couple of days. Deeper decline could be seen to 89.00-89.50 zone. Near term resistance is now at 91.45, only rise above this level will indicate that the short term downtrend from 93.29 has completed.