GBPUSD broke below the up trend line from 1.9408 to 1.9647 and formed a cycle top at 2.0158 on daily chart. Deeper decline to retest 1.9337 (Jan 22 low) is now in favor. However, a break below 1.9647 is needed to confirm such case. Key resistance is at 2.0158, only rise above this level will signal further rally towards 2.0391 (Mar 14 high).

EURUSD breaks below 1.5611 support and down trend resumes. Deeper decline towards 1.5302 previous low is possible in next few days. Initial resistance is at 1.5770, rise above this level will signal consolidation to down trend. As long as 1.5770 resistance holds, we'd expect down trend to continue.

As expected, USDCAD formed a cycle bottom at 0.9974 on daily chart. Further rise could be seen to test 1.0238 resistance, a break of this level will signal further rise towards the long term key resistance at 1.0378 (Jan 22 high). Initial support is at 0.9974, only fall below this level will take price back to 0.9900 area.

USDCHF broke above 1.0351 resistance. Further rise to test 1.0539 is still possible, and a break of this level will confirm the resumption of long term up trend. Key support is now located at 1.0010, only fall below this level will signal deeper decline to 0.9900 area.

USDJPY broke above 107.75 resistance, and formed a cycle bottom at 103.76 on daily chart. Further rise towards 112.00 is expected to follow in a couple of week. Key support is now located at 103.76, only fall below this level will signal resumption of down trend.

AUDUSD is testing the support of the up trend line from 0.9327 to 0.9475. Deeper decline is still possible to test 0.9475 support. As long as 0.9475 level holds, we'd expect up trend to resume, and rebound towards 0.9849 previous high resistance could be seen. However, below 0.9475 is treated as resumption of long term down trend.

Being supported by the up trend line from 1.9408 to 1.9647, GBPUSD rebounded from 1.9816 level. Further rise above 2.0158 to reach next cycle top on daily chart is possible next week. Initial support is at 1.9816, fall below this level will take price back to test 1.9647. Long term down trend will be confirmed by breaking below 1.9647 key support.

EURUSD is testing 1.5611 support. As long as this level holds, we'd expect uptrend to resume and rebound towards 1.6038 is possible. However, a break below 1.5611 level will signal further decline to to 1.5400 area.

USDCAD might be forming a cycle bottom at 0.9974 on daily chart and the rise could possibly be resumption of up trend. Further rebound is expected to test 1.0238 resistance, a break above this level will confirm the cycle bottom. However, fall below 0.9974 will indicate resumption of down trend, and deeper decline could be seen to 0.9900 level.

USDCHF is testing 1.0351 resistance, a break above this level will signal further rebound to test 1.0539 long term key resistance, and a break of this level will indicate that the down trend from 1.0623 has completed, and long term up trend has resumed.