As expected, USDCAD reached 1.0850 level. Now the pullback from 1.0852 could possibly be resumption of downtrend. Deeper decline is in favor and target is to re-test 1.0590 previous low support, a break below this level will signal further fall towards 1.0500 zone. However, above 1.0925 key resistance will indicate that the downtrend from 1.1124 has completed, then the following uptrend will take price to 1.1200 zone.
USDJPY broke above 91.62 resistance, suggesting that a short term cycle bottom has been formed at 90.12 level on 4-hour chart and the downtrend from 97.78 has completed. Range trading between 90.12 and 93.29 is expected in next several days.
Being supported by 1.6113 previous low, GBPUSD rebounds from 1.6133, however, the rise is more likely consolidation of downtrend from 1.6741, further fall to test 1.6113 support is still possible later today, and a breakdown below this level will indicate that uptrend from 1.3503 (Jan 23 low) has completed at 1.7042 level already. Near term resistance is at 1.6350, as long as this level holds, we’d expect downtrend to continue.
AUDUSD remains in uptrend from 0.8155 and the fall from 0.8775 is treated as correction of uptrend. As long as 0.8543 support holds, we’d expect uptrend to resume and further rise towards 0.8800 zone is possible after correction.
EURUSD remains in uptrend from 1.4177 and the pullback from 1.4765 is more likely consolidation of uptrend. Range trading between 1.4611 and 1.4765 is expected in a couple of days, a break out above 1.4765 will suggest that the uptrend has resumed, then further rally could be seen to 1.4850-1.4900 area.
USDCHF stays below 1.0422 resistance and remains in downtrend from 1.0698, and the rise from 1.0275 is more likely consolidation of downtrend. Deeper decline to 1.0200 is expected after consolidation.