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. However, the rebound from 1.0836 is treated as correction to the down trend. Further fall towards 1.0600 area is expected after correction, and a break below 1.0836 level will signal the resumption of the down trend.
GBPUSD is in consolidation to the down trend. Further fall towards 1.9200 area is expected after consolidation. Near term resistance is now at 1.9849, as long as this resistance holds, down trend will continue.
EURUSD formed a short term cycle top at 1.4921 level. 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, key resistance is at 107.91, a break above this level will confirm the cycle bottom, and further rise towards 109.50 area is expected to follow.
USDCAD broke above 1.0248 (Dec 14, 2007 high) and reached as high as 1.0307 level. As long as the rising price channel support holds, we’d expect up trend to continue, and further rally towards 1.0400 area can be seen.
AUDUSD is in down trend. 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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