Bears kept the pressure on the pair, but failed to push it below 0.882, which gave enough of an impetus to return the pair to the vicinity of the 20-day SMA/weekly PP.
"We've seen some signals the U.S. slowdown may spill over to Canada, and we've had some weak trade numbers. The Canadian dollar has really been sidelined and moving sideways for the past couple of weeks and I don't think that's going to change in the near term." - Toronto-Dominion Bank (based on Bloomberg)Pair's OutlookIt seemed that the pair is on the
It seems that the pair has lost momentum and will not advance above 0.95 in the nearest future.
Pair failed at weekly and monthly PP yesterday, but is retesting it today.
The currency pair has quickly covered the distance between the February and June lows and is now forcing its way through the resistance at 0.9128.
USD/JPY's behaviour after the FOMC meeting was consistent with the reaction of other currency pairs, namely characterised by a pronounced appreciation of the Dollar.
The rising trend-line that has been safeguarding Cable's bullish tendency since Jul 10 failed to halt emergence of a long red bar on the chart, opening the way for the currency pair to descend down to 1.5965/26.
Yesterday factors other than technicals dominated the market, invoking ubiquitous strengthening of the U.S. Dollar.
At the moment the pair is trading almost exactly on the 20-day SMAs.
Pair seems to be gaining pace as it extended it's gains after bouncing of the 1.031.
Pair continues to demonstrate mild bullishness, but at the same time remains capped by the 94 and 95 cents.
Pairs was posing for a possible recovery, but failed the initial testing of weekly and monthly PP.
USD/CHF remains side-lined between the June and February lows, refusing to follow the trajectory implied by the daily and weekly indicators.
The market continues to respect the falling trend-line that previously formed the upper boundary of the symmetrical triangle (May 22 - Sep 1) but now acts as the support, even though it was breached on Sep 2.
Although the buying pressure continues unabated, the supply area at 1.6102/1.6083, created by the weekly PP, 20-day SMA and a trend-line, is not letting the price to rise and thereby to enter the upper part of the upward-sloping channel.
The currency pair stays above the weekly PP, but at the same time appears to be unable to rekindle a sufficiently strong bullish momentum for now.
Pair seems to be heading towards almost identical (just bullish) session like yesterday as 0.83 keeps holding as a key support.
Pair showed few consecutive bullish sessions which suggest that bulls intend to retest 1.035.
At the moment the pair seems evenly capable of dipping to Fibo 38.2% retracement which was tested last week and peaking up to September high.
Pairs depreciation at the moment is stalled by the 55-day SMA.
USD/CHF is currently facing a number of formidable supports, such as the Feb low, a down-trend support line, etc., but, according to the near-term studies, still seems to retain some of the bearish momentum, which could pull the price down to the Feb 2012 low at 0.8930.
Although there are considerable downside risks present at the moment, USD/JPY is consistently respecting the down-trend support that connects the most notable peaks (May 22, Jul 7, Aug 23) and the most recent valleys.
The Cable turned around ahead of the lower boundary of the bullish channel it has been forming for the past three months and now is attempting to recover; however, appears to be struggling at the weekly PP.
EUR/USD is currently testing the weekly pivot point at 1.3564, but may come down to 1.3516.