For the time being the demand at 108 is acting as a support.
Yesterday the Cable was trading at the multi-month down-trend and most of the technical indicators were bearish.
The Euro keeps grinding higher—the pair has already reached the initial resistance at 1.27 represented by the weekly pivot point and 20-day SMA.
The major level at 137 has been one the most reliable resistance levels lately; however, it seems that it is not as good support level.
The Kiwi is trying to recover as much as possible of the last week's losses, when the pair dropped more than 100 pips on Wednesday.
USD/CAD has not been the most volatile currency pair in the recent trading days; although, after the current consolidation it could pick up the pace.
The Australian Dollar's movements has been rather ambiguous lately, even though the AUD/USD bulls continue to form attacks towards the 0.88 mark it is not likely to be breached.
Since USD/CHF has recently hit the up-trend resistance line at 0.9550, there is a high chance of continuation of the sell-off we saw the last two trading days.
At the moment USD/JPY is consolidating just above the support at 108, represented by the monthly pivot point and 23.6% retracement of the July-October up-move.
Although GBP/USD was expected to head towards 1.5850 without any delays, the support at 1.60 stopped the advancement and sent the pair back to the down-trend at 1.61.
The pair opened this week with a small upside gap, and it continues to move further north.
Today the Kiwi is trying to negate at least some portion of the losses made during the last two days, but the bears should prevent any attempts of the price to get close to 0.7970.
USD/CAD is a buy at the moment, being that the currency pair is trading next to the formidable support at 1.12 and a majority of the weekly and monthly indicators is bullish.
The Aussie remains directionless, bouncing up and down between the resistance at 0.8822 and the support at 0.8756.
The falling resistance line, which has kept EUR/JPY bearish since Sep 19, was breached yesterday.
The US Dollar came under the selling pressure ahead of the resistance at 0.9571, which is likely to act as a temporary ceiling.
USD/JPY overshot our expectations by a wide margin by effortlessly piercing through the resistance at 108.
A failure of the Cable to close above 1.62 this week resulted in the near-term technical indicators becoming even more bearish—six out of eight studies on the weekly time-frame are now pointing downwards.
EUR/USD has found some support at 1.26, and the pair is currently consolidating, meaning there is unlikely to be continuation of the decline today.
As expected, the bullish impetus the Kiwi received at 0.77 did not withstand a collision with 0.80 yesterday.
The market has just confirmed presence of strong demand at 1.12 (two-month up-trend and weekly S1), and USD/CAD is therefore in a good position to end the downward correction and resume the rally.
There is virtually no volatility in AUD/USD pair, as it established a new floor at 0.8756, while leaving the ceiling at 0.8822.
The down-trend in EUR/JPY remains intact, as the currency pair is unable to gain a foothold above the resistance around 137.
USD/CHF built on the gains made on Tuesday and thus reached the upward-sloping trend-line it has recently breached.