So far, this week we have seen relatively less action in NZD/USD compared to previous week, when we saw it strengthening.
The pair is trading above the psychologically important 1.1100 level indicating on possible bullish action.
Pair hovering around 90 cents gave impression that if it is not going to recover we will at least see some consolidation.
Pair's bulls tried to push the pair lower, but hit the monthly R1 which proved to be too strong of an obstacle for them.
A surge seen yesterday in the morning proved to be short-lived, as the weekly PP at 0.8810 did not let USD/CHF to rally any further.
Yet another attempt of USD/JPY to cross the resistance at 103.49/34 failed and it returned back to the support at 102.93/71.
The monthly pivot point near 1.66 turned out to be sufficient to prevent further decrease of Sterling's price.
Due to a test of the monthly R1 the Euro is currently declining.
After yesterday the pair remained unchanged, however we have seen it strengthening today and it is looking to break monthly R1 at 0.8518.
Yesterday USD/CAD gained slightly and today the pair bounced back to trade around yesterday's opening level at 1.1082.
Pair is demonstrating bullish bias today, but we do not think it should be perceived as a predictor of a long term move.
Pair remains biasless after taking a step back ahead of 144 JPY a few days ago.
USD/CHF has somewhat pulled back after nose-diving from 0.89 down to 0.885 last week.
Although the upward impetus noticeably weakened following a test of the resistance between 103 and 104 last week, USD/JPY carries on grinding higher.
The Cable took a major hit yesterday, plummeting all the way from the weekly PP down to the monthly pivot.
At the moment EUR/USD stands 50 pips away from the monthly R1 and struggles to extend Thursday's rally.
After last week's advance, when the pair broke even the 0.85 level and set new 2014 high at 0.8522, today NZD/USD has little changed and consolidated around previous week's closing level.
Last week the pair was little changed; however, on Thursday it reached weekly S1 at 1.0990 before closing at 1.1086.
Pair extended it's losses further after failing at the 200-day SMA at the end of the last week.
Pair took a step back after a substantial rally last week and at the moment seems to be consolidating around 143 JPY.
USD/CHF's short-run outlook remains bearish. The exchange rate is expected to fall down to 0.87, where it will meet the down-trend support line and the monthly S1.
Following an explicitly bullish week USD/JPY was bound to enter a consolidation phase.
Although there were not supposed to be any significant resistances nearby, the Sterling was unable to continue advancement.
Last week's accomplishment, namely a breach of 1.38, opens for EUR/USD a path towards 1.43, the 2010 highs.