The currency pair has again cut into a strong resistance, refusing to gain bearish momentum following a collision with a support level at 1.4829.
After bouncing off the 200-day SMA and falling as low as 1.2750, the currency pair has returned back to the declining resistance line that has been safeguarding the down-trend since February, when the price reached a mark of 1.3710.
Regardless of the pair's failure to advance yesterday, the outlook on USD/CHF stays positive. In case of a dip the initial support should be found at 0.9478/67.
USD/CAD is cautiously crawling upwards after an encounter with the 55-day SMA.
A support level at 0.8368 has a low chance of withstanding downward pressure and thus may expose 0.8339/37, where the 55 and 100-day SMAs lie along with the weekly S1.
Despite proximity of the moving averages AUD/USD is refusing to gain bullish momentum, absence of which has led to a breach of the accelerated up-trend support recently.
After a temporary lull EUR/JPY has slipped and is now falling en route to the 100-day SMA at 119.36, which is also reinforced by the weekly S1 and a lower Bollinger band.
From the very beginning of this week the currency pair is demonstrating attraction towards 1.2704/1.2688, although there is a Bollinger band at 1.2737 in the way at the moment.
Even though the Cable is constantly failing to leave vicinity of 1.5221, its outlook is perceived as bearish, especially if we consider weekly perspective, for which technical are giving ‘sell' signals.
Being unable to prove its bullishness and advance beyond 94.47/24, the currency pair is being sold off.
USD/CHF is slowly but surely approaching a local high at 0.9566, which has recently triggered a bearish correction that lasted until 0.9350 was reached.
Despite presently observed dearth of liquidity, the U.S. Dollar is outpacing its Canadian counterpart.
Even thought there is not much bullish action right now, all of the relevant technical indicators in aggregate are giving ‘buy' signals, suggesting that the price is targeting 0.8476 that in turn has proven to be impenetrable in December of the last year and the first two months of 2013.
The currency pair has approached a confluence of supports, consisting of the 100 and 200-day SMA, apart from the monthly R1, telling us that extension of the dip is viewed as a less likely scenario than resumption of the rally started in the very beginning of March.
Due to current tranquillity in the market we should not expect the pair to breach any of the major levels or rewrite highs or lows in the nearest future.
As suspected, the currency pair was unable to hurriedly penetrate 0.9553/49, but instead returned down to 0.9488/68, gaining a foothold above the up-trend support line.
According to the technical indicators, we may expect a little more bearishness in the price before bulls fully recover from the recent downward correction and drive the exchange rate upwards in a longer time perspective, as suggested by weekly and monthly studies.
A support level at 1.5092/85 initiated a recovery yesterday that has postponed development of a dip.
Support at 1.2765/60 holds for now, but in the end is expected to give in to the bears, exposing 1.27, the current location of the Bollinger band and weekly S2, since the outlook on the pair is from neutral to negative.
The currency pair has been experiencing volatile trading sessions lately, rising up to 0.8408/05 and then falling back to the initial level at 0.8337/33.
While support at 1.0187/84 was crossed fairly easily, 1.0152/48 turned out to be of much greater importance to market participants, many of whom went long at the 55-day SMA and thus negated strong bearish impetus.
AUD/USD is adding to losses, breaching 1.0417 and then shortly challenging support area at 1.0404/1.0387, which is formed by the 100 and 200-day SMAs and the monthly R1.
Bearish sentiments of EUR/JPY are currently struggling with the interim support line at 120.12/09 that does not wish to open the door towards the 100-day SMA at 118.95 as it did a month ago.
An upside risk noted yesterday has proven to be well-justified, since we have witnessed a sharp rally from 0.9470/68 that did not respect an accelerated up-trend resistance line, piercing it effortlessly.