Even though USD/CHF has successfully overcome the monthly R1 level, a fact that should have encouraged the bulls, the pair still has a hard time advancing north.
For the time being it appears as the monthly PP, in conjunction with the 2013 highs, managed to weather the selling pressure.
Although initially it looked as if the Cable wishes to rise back to the resistance at 1.6513/00, the monthly pivot point proved to be sufficient to negate the upward momentum.
EUR/USD continues to consolidate following a sharp decline—right now it is testing the monthly S1 level from below.
After violating the 15-day up-trend line NZD/USD found support at 0.8237/20, the area which is formed by the monthly pivot point and the 55-day SMA.
Even though some of the indicators on the daily chart are still in favour of further appreciation of the greenback, it appears that USD/CAD will be unable to overcome 1.10.
Considering that the exchange rate settled beneath the last year's August low, we should expect a further decline in the Aussie's value.
The 55-day SMA, in conjunction with the monthly S1, seems to have stopped the sell-off, thereby leaving the door open for the re-emergence of the buying pressure.
Considering that USD/CHF has just overcome the monthly R1, the currency pair is now moving towards the 200-day SMA, which should prove to be difficult to breach.
Although the longer-term technical indicators are mostly giving ‘buy' signals, USD/JPY continues to gravitate towards 104.09/00, consisting of the monthly PP and the 2013 highs.
Being that GBP/USD failed to breach the support at 1.6319/00 last week, the price soared up to the monthly PP at 1.6449, which is likely to stay intact.
Not only did the single European currency breach the key support at 1.3610, but it also closed beneath the monthly S1, thereby reaffirming its long-term bearish intentions.
Pair failed tom consolidate around 83 cent as today's failure at the weekly R1 has provoked a major sell off.
Pair is not losing it's bullishness, but 1.10 is not willing to give up easily either.
Pair has reached new relative low after dipping below the 2013 low around 88 cent mark.
Pair continues to trails lower and, as short term technicals suggest, we are likely to see a continuation of the trend.
USD/CHF fell down to the 100-day after a test of 0.9096/91, and now we would expect the exchange rate to resume the recovery, even though the weekly signals are still not reassuring at the moment.
The market has just confirmed 104.36/00 as the new support and there are now even more ‘buy' signals on the weekly time-frame than yesterday, meaning the U.S. Dollar is set to appreciate further.
Even though some of the technicals on the weekly chart remain bullish, the Sterling has already breached the up-trend support line and is now about to challenge 1.6319/1.6269.
EUR/USD is once again attempting to break the rising support line to the downside, but seems to be unable to do that for now, being that 1.3610/1.3584 is reinforced by the weekly S1 and the 100-day SMA.
A failure to gain solid ground above the weekly R2 may now lead to a test of the support at 0.8275/74, created by the weekly PP and the 100-day SMA.
Yesterday USD/CAD touched upon the formidable resistance area at 1.10, consisting of the 2009 September high and the 17-month up-trend.
Although the Aussie has been recently showing bullish signs and willingness to rise, the possible recovery was not supported from a fundamental perspective, forcing the currency to nurture broad losses.
EUR/JPY stalled after rallying from the 55-day SMA and hitting the monthly pivot point afterwards, meaning the bearish correction of the up-move started in November may drag on.