Although the first two days of this week the Aussie has been grinding lower, AUD/USD is attempting to stabilise near the monthly R1 level, which in turn is strengthened by the weekly pivot point.
As EUR/JPY failed to extend the gains beyond the 55-day SMA today, the currency pair is now trying to find support in the face of the monthly PP and the 38.2% Fibonacci retracement level of the November-December rally.
EUR/USD has finally reached the resistance at 1.3758, where the major down-trend line is supposed to negate the bullish momentum of the currency pair and send it back to the nearest supports.
As it turned out, GBP/USD found strong support at 1.6638/32, the current location of the weekly PP and the monthly R1.
After topping out at 102.74 USD/JPY returned back to the support zone, which is mainly created by the 100-day SMA and the 38.2% Fibonacci retracement level of the November-December advancement.
Although initially 0.89 provided strong support, eventually the currency pair breached this level and is currently testing 0.8867/65.
Pair took a step and eventually failed ahead of 2014 high forming February high.
Pair is not showing any strong intentions to change it's course of action in the nearest future.
Pair is not demonstrating any clear bias and just jumping up and down between 100-day SMA and weekly PP/monthly R1.
Pair eroded strong resistance around 140 JPY and shot higher. At the moment it is testing weekly R2/55-day SMA and we expect it will not hold even the initial test.
USD/CHF has found support represented by the 2012 lows at 0.89 and did not proceed with the decline.
USD/JPY stopped near the support at 101.22/00 and then shot through the resistance created by the 100-day SMA and several other studies.
Although at first it appeared as if the Cable was going to ignore presence of the up-trend resistance line, the monthly R2 helped to nullify last week's bullish momentum.
EUR/USD stalled 50 pips short of the resistance at 1.3758, but is still considered to be capable of reaching it in the nearest future, as weekly and monthly indicators remain somewhat bullish. However, further advancement is highly unlikely.
Pair took a step back before a attempting to for new 2014 high.
Pair continues to demonstrate bearish bias, but is not really trailing lower as fast as it could.
Pair started the week slightly above the last week's closing level, but failed to maintain this bullish bias and failed t 100-day SMA.
During the last week the pair consolidated around 2009 high at 139.24 and swung between monthly PP at 140.10 and 100-day SMA.
USD/CHF has just reached the first target implied by the symmetrical triangle at 0.89.
Considering that 102.31/101.92 was insufficient to underpin the pair, USD/JPY is expected to descend down to 101.16/00 prior to an attempt to recover.
GBP/USD is currently testing the resistance created by the monthly R2 and the long-term rising trend-line.
Even though last week EUR/USD had trouble passing through some of the resistances, the currency pair preserved the bullish momentum.
NZD/USD seems to be likely to post a second week of substantial gains, as all of the resistances encountered failed to halt the advancement.
Although there was a good chance for the U.S. Dollar to find support at 1.1000/1.0979, as it consists of the 2009 highs, monthly PP and 38.2% Fibo, USD/CAD closed beneath it yesterday.