Gradual; however, insistent, this is how we could describe the current NZD/USD advance towards the psychological level at 0.80.
The US Dollar slid below the weekly PP at 1.1287, after the week, when a new this year's high was set at 1.1386.
AUD/USD hovers in more or less the same trading range where it did in the last week, namely around the 0.8750 level.
The EUR/JPY cross opened above the last week's closing price yesterday; however, today it dipped towards July Low at 136.37.
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The first half of October was marked with poor performance of the US Dollar against the Franc, but now the currency pair managed to settle above 0.9450—a positive sign for the bulls.
Not only did the demand between 106 and 105.50 refuse to let USD/JPY to retreat more, but it also initiated a rally that resulted in a breach of an important resistance at 106.70.
The Cable keeps trading right beneath the four-month down-trend, meaning the downside risks are currently elevated.
Although there is an immediate resistance level at 1.2786, represented by the monthly pivot point, the supply between 1.29 and 1.2850 is more likely to act as a ceiling this week.
NZD/USD has slipped slightly through the last two trading days, after the pair reached the highest level in October on Wednesday.
As expected the pair was not able to sustain that high trading levels as we saw on Wednesday and Thursday; however, USD/CAD has still appreciated this week.
The Australian Dollar has little changed through the last two trading days, after the AUD/USD cross gained on Wednesday.
Just yesterday the pair set a new this year's low at 134.14; although, much has changed since then, as the pair has reversed all of its losses and hovers around the weekly PP at 136.40.
USD/CHF had to travel all the way to 0.9360 to find a significant support, which turned out to be the 55-day SMA and weekly S2.
While the 55-day SMA and 23.6% Fibo were unable to underpin the pair, a joint effort of the monthly S1 and 50% retracement kept the US Dollar from losing even more ground.
Since there were no significant resistances nearby, GBP/USD managed to extend the rally from 1.5850.
As expected, the supply at 1.2850 (23.6% Fibo) was sufficient to prevent further appreciation of the Euro.
The New Zealand's currency is searching for a sustainable support level and possibly it has found it at the 0.79 mark.
USD/CAD continues to trade around the higher levels this year, as it approached the monthly R1 and weekly R2 at 1.1345/57 today, unseen levels this year before yesterday.
After failure to surpass the 0.88 level yesterday, the AUD/USD currency pair has started to fall.
The EUR/JPY cross continues its slump, as the pair has plummeted below the major level at 135 today.
USD/CHF violated two important supports, meaning there is now nothing between the spot price and the 55-day SMA at 0.9350. But there might be even a deeper sell-off, down to 0.93.
Although USD/JPY was initially estimated to seize declining near a cluster of supports at 106.50 (38.2% Fibo and 55-day SMA), it is already testing the monthly S1 50 pips to the South.
Not to the same extent as the Euro, but the Sterling also notably benefitted from weakness in the Greenback.