As it turned out, a notable resistance area at 1.3711/08, formed by the February high and monthly R1, proved to be unable to nullify the bullish momentum of EUR/USD and allowed the surge to extend closer to the major down-trend at 1.3777.
Although a surge in the price last Friday appeared to be quite strong, as the pair was moving sharply away from the support at 0.8203/0.8186, subsequently NZD/USD failed to pierce through the monthly R1 and the 55-day SMA.
USD/CAD has successfully confirmed the recently violated rising trend-line and is therefore well-positioned for additional gains.
A recovery AUD/USD commenced in the second part of the last week proved to be unsustainable after the weekend—the Aussie has been depreciating today relative to the U.S. Dollar.
As long as the accelerated rising support line (in force since Nov 7) remains intact, EUR/JPY's outlook will be considered to be bullish.
USD/CHF has already reached the 2012 February low, therefore there is a substantial risk the buck could fall lower, down to the falling support line at 0.8780/53.
As it turned out, the bearish correction did not extend down to one of the key supports at 100.95/28.
Although due to a breach of the accelerated up-trend GBP/USD was expected to retreat back to 1.6267/04, the currency pair stays buoyant just beneath a tough resistance at 1.6415/1.6355.
As was implied by the near-term technical indicators, the Euro continued to move further north.
NZD/USD confirmed 0.8203/0.8170 as the support after breaching it and is now heading towards the 55-day SMA at 0.8293.
USD/CAD continues to slide away from the tough resistance created by the 2010 highs, monthly R1 and weekly R2.
Test of 0.8977/53 today resulted in a rally that has effortlessly pierced through the weekly S1 and is currently approaching the weekly pivot point at 0.9126.
Being underpinned by a cluster of supports at 139.03/138.65, which consists of the weekly PP, 2009 highs and the up-trend line (in force since Nov 7), the Euro soared up to the weekly R1 at 140.29.
Right now USD/CHF is eroding 0.8975/69 and is expected to maintain bearish direction at least until the 2012 February low at 0.8930/14.
Given that the currency pair closed notably below the rising support line yesterday, there is a good chance that the downward correction will extend further from here.
As feared, the first test of 1.6390 since Jan turned into a sell-off.
EUR/USD once again surged up to the rising resistance line, but still appears to be unable to penetrate it.
Pair continued to trail lower after a failure at the weekly R1/20-day SMA and at the moment has neutralised almost all of this week's losses.
Pair took a step back after reaching new 2013 high yesterday.
After a short brake aussie once again started depreciating after a failure at the weekly PP yesterday.
Pair failed to consolidate above the 2009 high and at the moment is hovering below it.
USD/CHF, regardless of the initial rebound, in the end disregarded the support at 0.9021/17 and is moving further south at the moment.
Although many of the indicators are currently giving ‘buy' signals and the currency pair has been consistently respecting the bullish support line since Nov 7, now USD/JPY seems to be willing to violate it and thereby invalidate the positive near-term outlook.
GBP/USD continues to hover just below the Jan high at 1.6390, but should be able to overcome this level eventually, considering that most of the daily technical indicators have turned bullish.