EURUSD remains in down trend and the fall from 1.6038 extends further to 1.4629 level. Deeper decline is expect to test the support of the up trend line from 1.1825 (Feb 27, 2006 low) to 1.3360 (Aug 16, 2007 low). Key resistance is located at 1.4977, only rise above this level will signal reversal to down trend. For long term analysis, EURUSD broke below 1.5284 (May 8 low) support and formed a double top pattern on weekly chart. Deeper decline towards 1.4000 level to reach next cycle bottom on

GBPUSD formed a short term cycle bottom at 1.8512 on 4-hour chart. Further rebound towards 1.8900 level is now in favor, and a break of 1.8722 resistance will confirm such case. As long as 1.8900 level holds, we’d expect down trend to resume, and fall below 1.8512 level will signal deeper decline to 1.8200 level.

GBPUSD might be forming a short term cycle bottom at 1.8512 on 4-hour chart. Key resistance is located at 1.8787, a break of this level will confirm the cycle bottom, and then further rise could be seen to test 1.8900 resistance. However, the rebound from 1.8512 is treated as correction to down trend. As long as 1.8900 level holds, we’d expect down trend to resume, and deeper decline is still possible after correction.

USDCAD is in up trend and the fall from 1.0727 is treated as consolidation to up trend. Further pullback to 1.0500 is still possible next week. However, as long as 1.0500 level holds, we’d expect up trend to resume, and one more rise towards 1.1000 is still possible after consolidation. For long term analysis, USDCAD formed a long term cycle bottom at 0.9818 level on weekly chart. Further rise towards 1.1000 to reach next cycle top is still in favor.

USDCAD might be forming a short term cycle bottom at 1.0562 on 4-hour chart. Key resistance is located at 1.0727 previous high, a break above this level will confirm the cycle bottom. As long as 1.0562 level holds, we’d expect sideways consolidation in a couple of days and further rise towards 1.1000 is still possible after consolidation.

EURUSD is forming a short term cycle bottom at 1.4815 on 4-hour chart. Consolidation could be seen in a couple of days, and rebound to test 1.5083 is possible later today. As long as 1.5083 resistance holds, we’d expect down trend to resume and deeper decline is still possible after consolidation.

USDJPY is in up trend. The fall from 110.40 is treated as consolidation to up trend. Key support is located at 107.28, as long as this support holds, we’d expect up trend to resume, and further rise towards 112.00 to reach next cycle top on daily chart is still possible after consolidation. However, a break below 107.28 key support will indicated that a cycle top has been formed at 110.40 level on daily chart, and the rise from 103.76 has completed, and then deeper decline towards 103.76

USDJPY breaks below 109.13 key support and formed a short term cycle top at 110.40 on 4-hour chart. Initial resistance is now located at 109.13, as long as this resistance holds, we’d expect down trend to continue, and deeper decline towards 107.00 level is still possible in a couple of days.

USDCAD’s up trend remains, and the rise from 0.9974 (July 15 low) extends to 1.0716 level. Initial support is at 1.0612, as long as this support holds, we’d expect up trend to continue, and further rise towards 1.1000 could be seen in next few days.

USDJPY pulls back from 110.37, suggesting that the pair might be forming a short term cycle top on 4-hour chart. Sideways consolidation in a range between 1.0837 and 110.37 could be expected in next few days. Up trend will resume after consolidation and further rise towards 112.00 is still possible.