Although the May high was not seen as a strong level, USD/CAD received a strong upward impetus after a test of 1.1280.
The Australian currency continues to sink, as it was unable to violate a falling resistance line earlier this week.
Having found solid support at 145, EUR/JPY closed above the 2013 high, implying more gains in the nearest future.
The Greenback did not succeed at overcoming the selling pressure yesterday, as a result of which the currency retreated back to 0.9550.
As it turned out, there was no need for a pronounced bearish correction in order for USD/JPY to re-challenge a major resistance at 117.
The Cable keeps grinding lower, while the monthly S2 at 1.5662 and 2014 low at 1.5592 now represent the limits of the trading range.
The Euro managed to pare Monday's losses yesterday after rebounding from the weekly S1 at 1.2428.
For now the bulls are not as active as last week—the resistance at 0.7985 (monthly R1) is not letting the Kiwi to advance.
The May high that is presently keeping the US Dollar afloat is not considered to be a reliable support.
The bearish momentum continues to develop following a test of the multi-month down-trend and 55-day SMA at 0.8785.
EUR/JPY seems to have found reliable support near 145 (weekly PP and monthly R2), meaning it should soon re-challenge and then surpass the current maximum at 146.50.
USD/CHF confirmed presence of the strong demand around 0.9550 yesterday.
For the time being the resistance at 117 is standing its ground, regardless of the strong upward momentum of USD/JPY observed since mid-October.
The downward pressure persists, as the bulls failed to push the price away from 1.56.
Although EUR/USD appeared to be in a good position to advance towards the monthly pivot point after finding the support at 1.2360 (monthly S1), the bears at 1.2580 forced the pair to retreat.
NZD/USD is currently in the process of forming a double bottom pattern.
On the whole the US Dollar keeps recovering relative to its Canadian counterpart after hitting the 27-month up-trend in July.
Since AUD/USD has just confronted the resistance at 0.8785 (monthly PP, 55-day SMA and three-month down-trend), the risks are heavily skewed to the downside.
Although EUR/JPY has already closed this week's bullish gap, the bias remains to the upside.
Since USD/CHF has just touched upon the major support at 0.9550, there is a strong case in favour of a recovery over this week.
Despite the fundamentals of Japan turning out to be weaker than expected, USD/JPY was sold off from 117—the new 2014 peak.
The Cable reached a new yearly low last week, even though the currency was well-supported by 1.5850/30 and most of the monthly technical indicators were bullish.
The Euro, despite a series of unsuccessful attempts earlier, was able to overcome the supply near 1.25 on Friday, which implies further advancement of the currency in the coming days.
Now for quite a some time (since the end of September) already NZD/USD currency pair has been on a sideways trend.