In the short-term USD/CHF is expected to trade sideways, as it did not manage to base above 0.9250. The focus is now on a support at 0.9080/66. In case it is violated, subsequent levels at 0.8960 and 0.8785 should be able to stop dips.
USD/JPY carries on recovering from 76.00 and has already extended its rally up to 77.17/32 (55 and 100 day ma). Additional resistance is provided by 77.26/43, above which the pair should target 78.12/29.
GBP/USD has bounced off 200 day ma at 1.5937 and is now headed down to 1.5730, leaving less chance for further gains. A close below the latter level is likely to result in a slide down to 1.5585 (55 day may).
As long as EUR/JPY remains above a key support located at 100.09 (20 day ma), the outlook will be bullish. At the moment the pair is struggling at a resistance line at 102.55/60, a break of which would provide with a possibility of a rally up to 107.78.
Most of the indicators suggest continuation of the bullish trend until EUR/USD reaches 1.3436 with potential of climbing as high as 1.3627. However, we cannot rule out a dip down to an initial support at 1.3108, since the pair is currently struggling at a 1.3250/80 resistance zone.
Switzerland's unemployment rate remained unchanged in January, in line with economists' forecast. The US dollar fetched 0.9139 Swiss franc on intraday trading.
The yen showed little reaction to data showing that Japan's current account surplus shrank sharply to a 15-year low in 2011. The dollar was traded around 77.00 yen, retreating from earlier highs.
The euro also hit a seven-week peak of 102.44 against the yen, gaining strength on reported stop-loss buying. It later eased back below 102.00.
The euro rose to a two-month high versus the dollar today on optimism Greek leaders are nearing a deal to secure a second bailout and avoid a messy default.
Failure of the pair to base above 0.9250 triggered a sell-off. This bearish action may last until support area at 0.9080/65 is reached. In case the this zone is penetrated, USD/CHF is likely to fall down to 0.8960.
USD/JPY has just breached a resistance at 76.90 and now is eyeing 77.17/32 (55 and 100 day ma). In case bullish impetus persists, we may see advancement toward 78.12/30 afterwards. Dips should not extend below 76.30 and 76.00.
Violation of 1.5887 allows for further gains. The near-term target is located at 1.5940 (200 day ma), whereas within a longer time period we may witness a rally up to 1.6170. Supports are at 1.5790 and 1.5730, limiting possible losses.
EUR/JPY carries on recovering from 99.00/98.90. The immediate resistance is at 102.55/60, above which the pair should encounter 107.85 (200 say ma). Supports may be found at 101.12 and at 100.00.
At the moment EUR/USD is far from a support at 1.2995 a close below which would imply emerging bearish momentum. Thus the pair is expected to rally further. The initial target above 1.3280 is 1.3464.
USD/CHF has pushed though the nearest support lines and is now headed toward 0.9069. However, a key level at 0.9114 is not yet violated, allowing for some near-term rebound.
Level at 76.92 remained intact and is expected to provide formidabble resistance in the coming days. In the next hours USD/JPY is likely to move slightly lower, to 76.73.
The Cable slowly erodes resistance zone at 1.5858/68. It is important to note that the pair is forming an ascending triangle on an hourly chart.
Along with EUR/USD, the Euro - Japanese Yen currency pair advances. At the moment it struggles at 101.54/80 resistance area and is unlikely to extend its movement above 102.22 in the short-term.
At 13:00 GMT EUR/USD commenced its rally and has already pierced through a cluster of resistances at 1.3172/77 and a subsequent level at 1.3214 as well. Bullish momentum is expected to last for some time, though 1.3286 should cap the pair.
USD/CHF is expected to erode resistance at 0.9250 and then remain on its course towards higher levels - 0.9317 (55 day ma) and 0.9595. From below the pair is supported by 0.9112, 0.9080 and 0.8990.
USD/JPY is gradually recovering from 76.00 support. Resistances at 76.87 and 77.16 will stand in its way, hampering bullish movement. Dips below 76.00 should be limited by supports at 75.30 and 75.00.
The Cable has recently stalled near resistance at 1.5887, however, bullish bias persists. As soon as this line is penetrated, GBP/USD should surge up to 1.5945 (200 day ma) with the possibility of climbing up to 1.6168.
Current bullish correction is likely to last until 101.15 (55 day ma) is reached. Afterwards EUR/JPY should recommence declining down to its long-term goal at 95.00 while being capped by 102.55/60 resistance.
Key resistance area for EUR/USD at 1.3250/80 is expected to halt near-term rallies. In case it is breached, further levels at 1.3436 and 1.3627 will be targeted by the pair. Dips should be limited by a support situated at 1.3000.