The pair continues to trade around the major level at 137. This level together with the down-trend line around 136.75 has been the main support levels that held the pair back from falling lower.
USD/CHF made a good attempt to break the resistance at 0.90 on Friday, but in the end it was unable to advance further.
Abundance of various resistances between 101.50 and 102.50 is not letting USD/JPY to regain its bullish momentum.
There are less and less arguments in favour of a rally.
Last week, despite the pair breaching a long-term down-trend, the bulls successfully defended the key level at 1.35, thus prodding EUR/USD to return to the monthly S1.
A release of U.S. consumer sentiment report drove the Euro away from 1.3491, the lowest point since January. University of Michigan stated that CSI (Consumer Sentiment Index) dipped to 81.3 during a month. EUR/USD rose to 1.3513 and is likely to be supported at 1.3478, while the resistance is reckoned to be at 1.3540. Meanwhile, the Euro settled at 0.7918
This week turned out to be distinctly bearish for NZD/USD—nearly two figures have been lost since Monday.
Being that recently USD/CAD has confirmed the 21-month up-trend support line, there is a good chance the nearby resistances are not going to hold the pair down for long.
This month AUD/USD has already retreated more than 150 pips from 0.95 (2014 high). But an extension of a decline seems unlikely.
EUR/JPY is currently testing the lower boundary of the bearish channel it has been forming since March.
As suspected, USD/CHF is now facing a supply area that is unlikely to give in easily to the bulls, as it successfully stopped advancement of the Greenback last quarter.
USD/JPY was once again thrown back to the support line of the descending triangle it has been forming since the beginning of this year.
Even though volatility of GBP/USD increased this week, none of the significant levels have been breached yet.
The Euro is getting closer and closer to the key support level at 1.35, which has a chance of stopping the current sell-off and initiating a recovery.
Spot gold added 0.3% to $1,302, whilst August futures delivery was trading at $1,303 per ounce. SPDR Gold Trust cut its reserves by 2.7 tonnes to 806.03 tonnes on Wednesday. According to Business Recorder, the $1,305 resistance line may be broken, which would allow a rally up to $1,312. From the technical analysis perspective, the rebound from the July 15
Since the beginning of the week when the pair first received a bearish impetus it has not looked back, today falling beneath the 0.87 mark.
The pair still has not received enough bullish impetus to surpass the monthly PP at 1.0760.
This week for most of the time AUD/USD is hovering around the monthly PP at 0.9369 and has failed to breach the weekly PP; 20-day SMA and major level at 0.9395/0.9400.
The Euro continues to fall and at the moment it is sliding toward the major level at 137.
As there was no opposition from the 55-day SMA and weekly R1, the U.S. Dollar continued to gain ground.
Despite USD/JPY closing above 101.61/54 yesterday, the resistance represented by the 55-day SMA and monthly PP appears to be unwilling to let the price to advance further.
Although at the beginning of the week it seemed that GBP/USD has finally received a strong upward impetus after a test of the 2009 peak, the pair remains unable to surpass this month's highs.
As it turned out, EUR/USD did not find enough demand at 1.3568/63, meaning the sell-off should now extend at least down to 1.35—the major support level at the moment.
Yesterday we saw the Kiwi plummeting below the weekly S1 at 0.8738; moreover, the pair's bears prolonged this decline by pushing it lower today.