The nearby resistances, such as the monthly R1 and 200-day SMA, still keep the spot price low, thus proving their significance.
While the 200-day SMA has already been breached, which is generally reckoned to be a bearish sign, some of the strongest demand areas remain intact.
The Cable is currently experiencing difficulties overcoming the weekly pivot point, which did not let the Pound to appreciate further.
EUR/USD is still lacking momentum. From the upside the currency pair's movements are restricted by the monthly S1, but there are also additional resistances represented by the 100-day SMA and up-trend line at 1.3760 and by the 55-day SMA and monthly PP at 1.38.
Yesterday Eurozone's currency managed to open above the major level at 139; however, today the Euro extended last week's decline and slid below this level once again.
At the beginning of this week the pair is trading steadily above the 20 and 55-day SMA and monthly PP at 0.8616/30.
Since the pair bounced back from more than a three-month low at 1.0814 it is supported by the monthly S1 at 1.0859.
Already for nine trading days the pairs has been consolidating around the weekly PP at 0.9367.
USD/CHF stays buoyant regardless of the tough resistances located nearby, such as the monthly R1 and 200-day SMA.
USD/JPY remains hesitant to commence a recovery. Instead it is weighed upon by the selling pressure, which forced the currency pair to decline below the 200-day SMA.
The Pound continues to recover after an encounter with a cluster of supports around 1.6750.
Neither the ceiling at 1.3725 nor the floor at 1.3686 seem to be willing to give in.
The Kiwi is starting to show some bearish signs; nevertheless, it has rather reliable support (the 20 and 55-day SMA; monthly PP) at 0.8612/24.
The pair is stuck between the monthly S1 and weekly PP at 1.0859 and 1.9001. This week we have seen rather low volatility from this currency pair, thus there has been just a slight decline.
Through last seven trading days pair's value changed just slightly; moreover, it has been trading between the weekly PP and weekly R1 (0.9335 and 0.9417).
The Euro area currency fell below the major level at 139; however, it almost instantly reversed back to trade around the 200-day SMA at 139.20.
Regardless of the formidable resistances lying overhead, USD/CHF managed to reach the 200-day SMA, but subsequently retreated.
The 200-day SMA, one of the supports seen capable of revitalising the bullish momentum, was breached yesterday.
By rebounding from the rising support line at 1.6742/29, which is reinforced by the 55-day SMA, the Cable preserved its bullish outlook.
EUR/USD stays directionless, as its movements are restricted by the tough levels from both sides.
The weekly PP at 0.8669 was broken once again today; however, the Kiwi did not manage to establish itself there.
Yesterday the pair slipped below the major level and weekly PP at 1.0900/01, today the decline continued and the monthly S1 at 1.0859 was approached.
Pair's trading volume still is rather low and therefore we have not seen any major moves for awhile.
The pair prolonged its decline, which started on Tuesday and by now the 200-day SMA at 139.17 is reached.