In the end the bullish correction from 1.6550 did not manage to extend up to the May low.
The U.S. Dollar gained ground against most of its counterparts, but failed to appreciate relative to the Euro.
The Kiwi fell below the weekly PP at 0.8358, after climbing yesterday. The next key level is around the 0.83 mark, as there is a nine-month low, weekly S1, that could try to stop the current retreat.
The U.S. Dollar rebounded from April's low at 1.0859 to climb above the 1.09 mark once again.
AUD/USD dropped below the 0.93 mark today, after approaching the 55 and 100-day SMAs at 0.9344/47 yesterday.
The Europe's currency has started the week very strong, after yesterday's advance above the 137 mark the currency pair breached June low at 137.71 today.
USD/CHF keeps on grinding higher, being that there are no tough resistances nearby.
Despite a high risk of a pull-back to the July high at 103, USD/JPY preserved a strong bullish momentum.
For now the Cable stays on a bullish path and may gain another 70-80 pips before turning around.
Although EUR/USD has finally reached a major support, the bulls largely remain inactive.
NZD/USD started the last week with approaching the six-month low at 0.8314; however, it seems that it gave some bullish impetus to the pair, as it reached June low at 0.8403 later.
After last week's decline the U.S. Dollar seems supported around April's low at 1.0859. To our mind, the pair should rebound above the 1.09 level once again.
The Australian currency continues to hover above the 0.93 level and today it reached the 55 and 100-day SMAs at 0.9349/45, respectively.
Last week the pair fell below the 137 level and failed to appreciate above it. However, today the Euro has breached the weekly and monthly PPs at 136.84/95 and climbed above the 137 mark.
There is now only one significant obstacle left for USD/CHF to overcome in order to reach the resistance at 0.9250, which is formed by the monthly R1 and 2013 Nov 7 high.
Although most of the past week the U.S. Dollar was underperforming, in the end it managed to erase the prior losses and jump over the 2014 Q2 high once again.
Although the overall bias towards the Cable is bearish at the moment, the British Pound continues to recover.
The pair has finally arrived at 1.31 (2013 Sep low and weekly S1), a key to the last year's low at 1.2750 (also monthly S3).
At the beginning of the week, the New Zealand's Dollar fell near the major level at 0.83; however, now, on Friday, the pair has reversed almost all of the previous declines.
USD/CAD has declined significantly this week, as the pair has dropped around 150 pips lower from this week's high at 1.0998.
The Australian Dollar gained, after a sluggish performance at the beginning of the trading week.
If this week in general has not been good for the European currency, then at least today EUR/JPY managed to reverse some of this week's losses.
USD/CHF is presently struggling to gain a foothold above 0.9150, which in turn would allow the pair to target the 2013 Nov 7 high at 0.9250.
The currency pair is currently facing the support at 103.50, which is supposed to prevent further depreciation of the U.S. Dollar and then help it surpass the resistance at 104.