The Sterling-bulls are not as sanguine as earlier this week after encountering the three-month falling resistance line at 1.62.
Yesterday the market confirmed presence of concentrated supply at 1.28, where the weekly R2 merges with the monthly pivot point, by retreating to 1.2660.
Since Monday the pair has been on a path of recovery; moreover, the pair touched the monthly PP at 0.7970 today.
The pair is trading considerably lower, after yesterday's test of 1.12 level that sent USD/CAD to the current trading levels.
The AUD/USD cross seems to continue its journey towards the major level at 0.89, possibly the 0.90 level in the longer term.
EUR/JPY declined today, after reaching a cluster of resistances (55 and 100-day SMAs; weekly PP) around 137.80 level, that demonstrated its strength by sending the pair lower towards the 137 mark.
As the weekly S1 did not succeed at keeping USD/CHF above 0.9550 for long, the pair is now testing the two-month up-trend at 0.95.
USD/JPY is putting more and more pressure on the support at 108, greatly increasing the risk of the level being breached.
The market is driving the Sterling higher and higher.
A day ago it seemed as if the down-trend at 1.2660 would prevent the price of the Euro from grinding higher.
There has not been much change since the last time of writing, NZD/USD is trading slightly above the 0.78 level and the weekly PP at 0.7789.
The pair is gradually recovering from its Monday's decline, when USD/CAD plummeted more than 100 pips.
AUD/USD has reversed some of the last week's losses thus far; although, at the moment the pair is challenging the major level at 0.88.
The Europe's shared currency continues to trade around the major level at 137, after yesterday's drop from the 55 and 100-day SMAs at 137.76/85.
Right now USD/CHF is supported by the weekly S1. And if the things stay as they are, namely 0.9550 remains intact, the pair should be able to climb over the weekly PP at 0.9617.
Despite the currency pair facing a number of supports yesterday, it nonetheless closed below the up-trend at 108.50, meaning the lower edge of the trading range in the medium term is rather 108.
After 1.61 played an important role in evolution of the GBP/USD in September, it is now acting as a ceiling for the price.
EUR/USD is currently trading just beneath the two-month down-trend at 1.2660, meaning the risks are heavily skewed towards a sell-off.
NZD/USD has strengthened its positions above the 0.78 level since yesterday, with a test of the weekly R1 at 0.7869.
The pair is hovering slightly above the weekly S1 at 1.1132, after the yesterday's slump below the 1.12 mark.
AUD/USD has extended its yesterday's gains, as the pair is challenging the major level at 0.88 at the moment.
Today has proved what we stated yesterday—the traders should not rely on the 137 level as a reliable support.
After a test of the monthly R1 the selling pressure forced the U.S. Dollar to retreat behind the weekly PP, even though the near-term technical studies favoured the currency.
As it turned out, USD/JPY is still in a consolidation phase, since the pair failed to cross the 110 mark and approach the 2008's maximum.