The Sterling took a major hit yesterday, falling nearly 200 pips in one day, as the support represented by the monthly S1 and now former 2014 low failed to nullify the downward momentum.
Although EUR/USD seemed to have found strong support at 1.26 when it hit the Aug-Sep down-trend, the rally initiated there was unable to penetrate the resistance at 1.2740.
NZD/USD currency pair has not changed much since the last time of writing, the most what it has done is reaching the major level at 0.79.
The US Dollar is continuing its gradual appreciation against the Canadian peer. As of today the pair reached the 1.1250 and traded just around 20 pips short of this year's high.
The Aussie slipped, after testing the 0.88 level today. Although, at the same time the AUD/USD cross managed to keep its positions above the major level at 0.87.
After approaching the weekly PP and July low at 136.37/39 the pair plummeted to set a new 2014 low at 135.04.
There is still a good possibility the bears will fail to push the price lower.
The currency pair is finally approaching a dense demand area that has the potential to terminate the current downward correction and negate the recent losses.
Unlike EUR/USD, which has recently broken the down-trend, GBP/USD will remain under selling pressure due to the resistance at 1.6168 being intact.
Right now EUR/USD is facing the resistance at 1.2740 represented by the 2013 low.
The last week was one of the few lately when NZD/USD advanced; moreover, the pair prolonged its advance today.
The USD/CAD cross has changed just slightly, after the last week's performance, when the US Dollar underperformed relative to the Loonie.
AUD/USD breached the weekly PP at 0.8743 today, after posting minor gains last week. The technical indicators are still to the downside; however.
The 18-nation currency opened below the last week's closing price and set a new this year's low at 135.55, even though the level approached past week was already the lowest level in a month.
For the time being USD/CHF is kept afloat by the three-month rising trend-line at 0.9530.
USD/JPY keeps grinding lower, as there are no significant concentrations of demand nearby.
Although the falling trend-line at 1.62 remains intact after an attack launched last week, the bulls are not giving in.
Considering the trading early this morning, namely the EUR/USD bouncing off the recently breached down-trend, the market intends to keep pushing the price of the Euro higher.
It seems that NZD/USD might post the first weekly gains in two months, as the Kiwi has held its positions after a strong performance at the beginning of the week.
USD/CAD has not recovered from Monday's slump just yet; although, the pair has reversed some of the losses.
At the beginning of the week the pair managed to recover some of the previous losses; however, the Aussie failed to break the monthly PP at 0.7970.
The Europe's single currency most likely will extend its decline against the Japanese Yen to three straight weeks today, as the currency pair is heading towards the 136 mark.
As expected, the up-trend at 0.95 managed to stay intact, as the monthly PP at 0.9450 provided aid in negating this week's downward momentum.
Although at first it seemed that 108 will now represent the lower boundary of the trading range for USD/JPY, the currency pair dipped below this level, meaning the correction is likely to drag on.