The Cable is at the moment eroding a key support, which may entail a massive sell-off.
Given that the 2013 highs and the monthly PP are now not impeding USDJPY's advancement, the price is poised to mount the weekly R1.
Yesterday USD/CHF pierced through a number of levels and reached an important resistance, namely 0.9096/91.
Pair failed to advance above September high/monthly R2/weekly R3 at 0.8436/55 and at the moment is trading almost 100 pips below it after finding support around 0.835.
Pair extended it's gains today, but failed to breach 1.10 and at the moment is trading approximately 50 pips below it.
Pair extended it's losses after failing at 0.9045 and at the moment is hovering slightly above 0.89. We expect it to trail further, maybe after a short delay at the current level.
After a massive sell off few days ago the pair found support at 140.59/27, bounced back and at the moment is consolidating around 142 JPY.
As it turned out, the support at 0.8974, created by the weekly S1 and the falling down-trend line, was enough to prevent extension of the recent bearish correction.
Judging by the fact that the monthly PP and at the same time the 2013 highs did not stop the buck from appreciating, USD/JPY is likely to preserve the upward momentum.
Yesterday GBP/USD confirmed presence of a firm support near the weekly S1 level, which is currently strengthened by the rising trend-line that has been in force since the beginning of July.
Following a shallow spike beyond the 20-day SMA yesterday, EUR/USD is now being pushed further south, where it is going to test formidability of the support at 1.3637/35.
Pair has peaked above the 84 cent mark, but seems to be struggling with September high/monthly R2/weekly R3 at 0.8436/55.
Pair took a step back yesterday after the recent rally, but found support with 2010 high at 1.0855 and at the moment is approaching recent (2014) high at 1.0946.
Pair failed to advance above the 55-day SMA/weekly R1 yesterday and has plummeted below the weeks opening level.
Pair extended it's losses yesterday, but found support at weekly S2/monthly S1/55-day SMA at 1.4059/27 and is slowly inching up to 142 JPY.
Given that USD/CHF has nearly reached the recently broken falling trend-line, the currency pair is expected to rebound from 0.8990/74 and start moving north in the long term.
As soon as USD/JPY fell to 102.97/78, the bulls jumped into action.
The resistance at 1.65 once again proved to be impenetrable. It sent the rate beneath a firm support at 1.6449/39 and to the up-trend support line at 1.6381 that should at least slow the current sell-off down, if not halt it completely.
Even though EUR/USD received a strong bullish impetus after touching the monthly S1 and the rising trend-line, the currency pair did not succeed at reaching the monthly PP at 1.3719.
Pair was underpinned by December high for quite some time, but breached it and at the moment is testing weekly R2.
It seems that bulls decided to take a step back before storming 1.1 level.
Pair has picked up the pace and at the moment is testing weekly R1/55-day SMA around 0.9070.
Surprisingly, the pair failed at weekly PP and at the moment is hovering above the 140 JPY.
Just recently USD/CHF has broken out of the falling wedge pattern that has been developing throughout the past year, meaning that the pair's long-term perspectives are strongly bullish.