USDCAD broke above the upper border of the falling price channel, suggesting that the downtrend from 1.3063 has completed at 1.0784 level already. Further rally to 1.1700 zone to reach the next cycle top on daily chart is possible next week. Near term support is at 1.1400 followed by 1.1250.

USDCHF breaks above 1.0986 resistance, suggesting that the downtrend from 1.1740 has completed at 1.0590 level already. Further rally is now in favor and the next target is at 1.1200, above this level will signal further rally to 1.1500-1.1600 area. Key support is now at 1.0590, only fall below this level will indicate that the downtrend from 1.1963 has resumed.

USDJPY formed a cycle top at 98.88 level on daily chart. Falling down to re-test 93.53 key support is expected next week. A break below this level will signal deeper decline to 90.00 zone. Near term resistance is now at 96.60 followed by 97.20, as long as these levels hold, we'd expect the downtrend from 98.88 to continue.

Being contained by the support of the rising trend line on daily chart, AUDUSD rebounds from 0.7789 level. Range trading between 0.7789 and 0.8263 is expected next week. However, the price action in the trading range is more likely consolidation of uptrend from 0.6284. One more rise towards 0.8500 is still possible after consolidation and a break above 0.8263 will signal the resumption of uptrend. Near term support is at the rising trend line on daily chart, as long as the trend line support holds, we'd expect the uptrend to continue.

GBPUSD stayed in a trading range between 1.5801 and 1.6662 for several weeks. Breaking above the trading range is expected next week. A break above 1.6662 level will indicate that the uptrend from 1.3654 has resumed, then further rally could be seen to 1.7000-1.7500 area. Key support is now at 1.5801, below this level will indicate that the rise from 1.3654 has completed at 1.6662 level already, and then the following downtrend will take price back to 1.5000 zone.

No changed in our view, EURUSD has formed a cycle top at 1.4338 level on daily chart. Drop to test 1.3748 support is expected next week, a break down below this level will signal deeper decline to 1.3400 zone. Key resistance is at 1.4338, only break above this level will indicate that the uptrend from 1.2456 has resumed, then further rally could be seen to 1.4800-1.5000 area.

USDCAD is moving to the next cycle top on daily chart. Further rebound to 1.1500 is still possible next week. However, the next cycle top is nearing, and the pair could be topping at 1.1448 level. Key support is now located at 1.1100, a break down below this level will confirm the cycle top, then the following downtrend will take price to 1.0000 zone.

USDCHF traded in a range between 1.0590 and 1.0986 for several weeks. Further rebound to 1.1200 would more likely be seen. However, the price action from 1.0590 is treated as consolidation of downtrend from 1.1963 and another fall below 1.0590 is expected after consolidation.

USDJPY has formed a cycle top at 98.88 level on daily chart. Moving lower to test 93.85 support is expected, a break down below this level will signal deeper decline to 90.00 zone. Near term resistance is now at 97.20, as long as this level holds, the downtrend from 98.88 will continue.

AUDUSD stays in a trading range between 0.7827 and 0.8263. The price action in the trading range is treated as consolidation of uptrend from 0.6284. One more rise towards 0.8500 would more likely be seen after consolidation and a break above 0.8263 will confirm the resumption of uptrend. Initial support is at the rising trend line on daily chart, as long as the trend line support holds, we'd expect the uptrend to continue.