For now USD/CHF is being underpinned by the support at 0.8943/28, mainly created by the 200-day SMA.
USD/JPY is about to break out of the descending triangle it has been forming the past five months.
The currency pair retains a chance to rise in the near term, but a rally beyond 1.3691 presently appears to be highly unlikely
GBP/USD did not manage to continue its Friday's surge, thereby confirming formidability of a new resistance area at 1.6813/76.
This week the pair has slightly declined; although, all in all the pair's value has not changed much. The sentiment towards the pair is also mixed; therefore, we could continuously see a sideway movement.
The pair fluctuated between the weekly PP at 0.8575 and weekly S2 at 0.8451 this week. Now it is trading at the lowest level since early March and it is possible that the Kiwi will slip even lower towards the major level at 0.84.
The Aussie has gained in value through this week and at the moment it is trading around the 20 and 55-day SMAs at 0.9305.
This week the pair dropped from the 139 to around 138; however, now it has slightly reversed this decline. We expect that the monthly S2 at 138.38 will push the currency pair higher towards the next target at 138.81.
Although USD/CHF has managed to pierce through some of the strongest resistance lately, the rate found it difficult to gain ground above the weekly R1.
The currency pair remains unable to break the five-month down-trend resistance line, something that would most likely entail a robust recovery of the U.S. Dollar in the long term.
Being that GBP/USD has just broken out of the bullish channel to the downside and met a strong support level, there is likely to be a pullback up to 1.6784/76.
EUR/USD is currently undergoing a bullish correction as a result of an encounter with the support at 1.3582 represented by the monthly S2 level.
The Kiwi extended its yesterday's decline and is trading around the weekly S2 at 0.8451. We expect a further retreat towards the major level at 0.84 that will be driven by pair's bears.
The Canadian Dollar is still struggling to gain bullish momentum and it trades around the monthly S1 at 1.0859.
The Aussie has managed to reverse yesterday's losses and even to approach the major level at 0.93. This jump was rather unexpected and we do expect some bearish corrections.
After significant drop yesterday, when the Euro slipped more than 50 pips. Today the pair touched the major level at 138; however, there it found some bullish impetus that pushed the currency pair higher.
USD/CHF has been staying bullish without any corrections for almost a whole month. Now it is facing the weekly R1, which is also likely to fall victim to the current upward momentum.
The current situation in USD/JPY is reminiscent of the market observed in Q2 and Q3 in 2013, when the currency pair was also forming a triangle.
Even though the support at 1.6782/76 was deemed to be strong and most of the technical indicators were bullish, the Pound took a major hit yesterday.
The selling pressure is likely to somewhat subside, considering that the currency pair is approaching a potentially tough support at 1.3582, consisting of the monthly S2 and weekly S1
The Kiwi plummeted below the monthly and weekly S1 at 0.8500/0.8496 today. The pair is trading at the lowest level since the beginning of March and that could provoke pair's bulls.
After yesterday's dive beneath the monthly S1 at 1.0859 the greenback has managed to regain some value to trade around this level again.
At the moment the Australian currency is on a sideways trend and it seems that traders are waiting for more volatility.
Today the Euro declined below the weekly PP at 138.81 this drop was mostly driven by the strong resistance at the 139 level.