The risk of a sharp surge up to the region of 1.5372 has subsided, as the bearish scenario came into force, implying that the dip is likely to be extended in the long term.
Last week the price did not receive sufficiently strong bullish impetus at 1.3061 in order to breach the 100-day SMA at 1.3162.
Pair remains very volatile—it dipped 100 pips after touching 100-day SMA yesterday, but was pushed almost al the way back by 200-day SMA/weekly S2/Bollinger band at 0.822.
Pair managed to appreciate by more than 125 pips today after receiving a bullish impetus from 1.021 yesterday, but did not manage to breach Bollinger band and was rather quickly pushed back below 1.03 where it currently resides.
Pair dipped below 1.019 all 3 recent sessions and kept holding overall bearish direction and although pair has been volatile for quite some time now, it seems that we can expect it to maintain overall bearish direction.
Pair was pushed back after stepping up closer to 122 yesterday, but receiver support from weekly S2 and at the moment is testing 121.
As expected, in the end the price has verified its propensity to increase, soaring up to 0.9363 yesterday.
Weekly technical studies reveal that USD/JPY still carries an upside potential, but a resistance line at 92.66 has already interfered with the emerging rally, limiting the advancement.
Despite closing beneath 1.5226, GBP/USD keeps on gravitating towards it, refusing to gain bearish impetus after breaching this strong support level.
Consolidation persists in the market, as bears continue to lay pressure upon a falling support line at 1.3044.
Pair dipped to 200-day SMA where it received a bullish impetus which helped it to close with minimal losses slightly above monthly S2 yesterday and allowed it to test 100-day SMA earlier today.
Pair has been trying to breach 1.03 for few days now, but every time has rebounded to 1.025 area.
Pair received a bullish impetus from 1.018 yesterday an managed to inch up to 1.029, but weekly PP/20-day SMA were too tough of a challenge and pair is back at monthly S2.
Past 3 days lets to believe that pair might be range bound (118.8-121.8) and for the time being it seems that such situation might continue all the way till the end of this week.
The currency couple has declined back below the falling trend-line, closing beneath 0.9294.
USD/JPY has travelled as low as 91.12 until it hit a sufficiently strong support area capable of negating the bearish impetus.
Even though the major support line has been breached, the Cable is reluctant to approach 1.4962/44, on the way to which there are no serious obstacles spotted.
As anticipated, the currency pair has stepped back from the falling support line at 1.3044.
It seems that pair is somewhat stabilizing after a 200 pip dip in last few days.
Pairs 10 day rally was interrupted yesterday when it touched 1.03 (weekly R1).
Pair continued to depreciate after receiving a bearish impetus from 20-day SMA at 1.032 a few days ago.
Pair is continuing to depreciate after a 650 pip dip yesterday.
USD/CHF has broken though the upper boundary of the falling channel, which was also reinforced by the monthly R1, and re-tested it yesterday, implying that the rally is likely to emerge.
The Australian Dollar does not show any bullish momentum to breach the 20-day SMA and get back to a 1.04 area, where the major SMAs intersect.