For the time being the resistance at 117 is standing its ground, regardless of the strong upward momentum of USD/JPY observed since mid-October.
The downward pressure persists, as the bulls failed to push the price away from 1.56.
Although EUR/USD appeared to be in a good position to advance towards the monthly pivot point after finding the support at 1.2360 (monthly S1), the bears at 1.2580 forced the pair to retreat.
NZD/USD is currently in the process of forming a double bottom pattern.
On the whole the US Dollar keeps recovering relative to its Canadian counterpart after hitting the 27-month up-trend in July.
Since AUD/USD has just confronted the resistance at 0.8785 (monthly PP, 55-day SMA and three-month down-trend), the risks are heavily skewed to the downside.
Although EUR/JPY has already closed this week's bullish gap, the bias remains to the upside.
Since USD/CHF has just touched upon the major support at 0.9550, there is a strong case in favour of a recovery over this week.
Despite the fundamentals of Japan turning out to be weaker than expected, USD/JPY was sold off from 117—the new 2014 peak.
The Cable reached a new yearly low last week, even though the currency was well-supported by 1.5850/30 and most of the monthly technical indicators were bullish.
The Euro, despite a series of unsuccessful attempts earlier, was able to overcome the supply near 1.25 on Friday, which implies further advancement of the currency in the coming days.
Now for quite a some time (since the end of September) already NZD/USD currency pair has been on a sideways trend.
After a dip below the 1.13 level on Wednesday, the US Dollar received a bullish impetus and formed an attack towards the 1.14 mark.
The Aussie has managed to outperform the US counterpart despite the majority of the technical indicators being to the downside.
This week has been rather similar to the last one and most likely the EUR/JPY cross will set a fifth straight weekly advance.
"What I can tell you is that we are making progress towards our objectives but there is considerable further progress still to go."- New York Fed President William Dudley (based on Reuters)Pair's OutlookOn Thursday, the USD/CHF currency pair continued trading around the weekly pivot point at 0.9658 and below the important resistance, represented by October high at 0.9687. Despite four
"The market likes the idea of a snap election and a delay in the sales-tax hike, and the yen is being sold against the dollar."- Union Bank NA (based on Bloomberg)Pair's OutlookAfter three days of unsuccessful attempts, the USD/JPY managed to advance above the important resistance line, represented by weekly R1 at 115.87. The pair is now trading well above
"The Congressional Budget Office expects the annual deficit to shrink once again in 2015, but begin to rise in 2016 as the government spends more on retirement and health-care programs for the baby-boom generation."- Based on MarketWatchPair's OutlookAs expected, the GBP/USD did not manage to stabilize after a sharp decline on Wednesday. The pair declined to down to monthly and
"The recovery is continuing, but it is a very weak recovery, which will remain slow."- Dekabank (based on Bloomberg)Pair's OutlookEUR/USD currency cross decided to trade in the narrow range between 1.2430 and 1.2475 for a fourth consecutive day. Yesterday, the pair gained some value to return back above the weekly pivot point, which is located at 1.2465. It seems that
As of today the pair has been fighting to surpass the major level at 0.79 and the 55-day SMA at 0.7905.
USD/CAD is underpinned near the major level at 1.13; although, yesterday the pair slipped even below this level.
The Australian Dollar is continuing to perform explicitly well, it has gained for three straight days and it is poised for weekly gains.
EUR/JPY has traded in a very narrow range today, with the highest level below the weekly R1 that is located at 144.49.
"This is almost going to be like a horse race to the finish line on who's going [Bank of England or Fed] to go first now, whereas only three or four months ago that wouldn't have even been close."- J.P.Morgan Asset Management (based on Businessweek)Pair's OutlookUSD/CHF refused to move in any direction during the trading session on Wednesday. The pair