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.
Being well-supported by the falling trend-line at 0.8950, the currency pair managed to rise back up to 0.9092/51, which consists of the weekly R1 and 100-day SMA.
Considering the currency pair's behaviour during the previous month, it looks as if EUR/JPY formed a broadening wedge pattern that usually portends a reversal; in this case—end of the bearish correction.
As suspected, USD/CHF violated the lower boundary of the symmetrical triangle and plunged all the way down to 0.8937/20, where it is currently underpinned by the weekly and monthly S1 levels.
Even though USD/JPY has recently broken out of the falling wedge pattern and then was able to gain a toehold above a formidable support zone, it remains too heavy to commence a recovery.
Despite the obstacles the Sterling encounters, the currency is unceasingly moving forward.
After EUR/USD dipped down to the monthly pivot point, some of the technical indicators turned bullish.
Pair did not manage to extend it's gains above the weekly R1 yesterday, but it is trying to do so today.
Pair continues to demonstrate bearish bias, but monthly PP keeps it floating.
Pair failed to form a new 2014 high and has dipped below the 90 cent mark.
Pair has completely lost it's bullish momentum and at the moment is consolidating above the 139 JPY mark.
USD/CHF has formed a symmetrical triangle pattern and the currency pair is presently trading close to the apex of the figure, implying that the break-out is just around the corner.
As it turned out, the bullish momentum of USD/JPY is still weak, since the currency pair failed to decouple from the support at 102.05/101.96.
GBP/USD ignored the resistance at 1.6500/1.6470 (2011 highs and monthly PP) and soared up to the next important supply area at 1.6674/32.
EUR/USD is still struggling to overcome the resistance at 1.3642, which consists of the 55-day SMA and one-month falling trend line, even though the price seems to be well-supported by the monthly pivot point.
NZD/USD used the 100-day SMA as a springboard and surged through the monthly R1, reaching the weekly R1 at 0.8366.
At the moment USD/CAD is trading just above the 38.2% Fibonacci retracement of this year's up-move, meaning the upward impetus remains intact.
Even though not as confidently as yesterday, but the Aussie keeps on advancing further.
Although EUR/JPY has confirmed the falling trend-line as the new support, its bullish momentum turned out to be insufficient to pierce through the tough resistance at 140.15/05.
After touching the weekly S1 at 0.8937 USD/CHF is attempting to restore its bullish momentum and negate the recent losses.
It seems that USD/JPY has finally ended its bearish correction and is now poised for a robust rally, as it is underpinned by the demand area at 102.04/101.96, formed by the 100-day SMA and the 38.2% Fibo retracement.
Despite the daily technicals mostly pointing downwards, the exchange rate advanced and reached an important resistance, mainly consisting of the monthly PP and the 2011 highs.
Even though EUR/USD went up to the monthly R1 yesterday, the currency pair did not manage to get a foothold above 1.3646 and returned to where it opened the day, namely to the 100-day SMA.
Pair attempted to advance above the 140 JPY, but failed to do so and is back trading slightly below this mark.