GBPUSD is forming a sideways consolidation in a range between 1.9481 and 1.9740. Further fall towards 1.9200 area is expected after consolidation. Near term resistance is now at 1.9740 and followed by 1.9849.
USDCHF formed a short term cycle bottom at 1.0836 on 4-hour chart. Further rise towards 1.1200 area is still possible in a couple of days. Near term support is at 1.0836, only break below this level will signal the resumption of the down trend.
EURUSD broke below 1.4638 key support and formed a short term cycle top at 1.4921 level on 4-hour chart. Further pullback towards 1.4450 area to reach the next cycle bottom is still possible. Near term resistance is at 1.4921, only break of this level will signal the resumption of the up trend.
USDJPY might be forming a short term cycle bottom at 105.90 level on 4-hour chart. Further rise towards 109.50 area is still possible in a couple of days. Near terms support is at 105.90, only breakdown below this level will signal the resumption of the down trend.
As expected, USDCAD broke above 1.0248 (Dec 14, 2007 high) and reached as high as 1.0282 level. As long as the rising price channel support holds, we’d expect up trend to continue, and rise towards 1.0400 area can be seen.
AUDUSD pulled back sharply from 0.9018. Further fall to test the previous low support at 0.8682 level is still possible, a break below this level will signal the resumption of the down trend, and decline towards 0.8551 (Dec 18,2007 low) can be seen.
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