Pair appreciated by more than 120 pips today after receiving a bullish impetus from 100-day SMA yesterday.
In the period of last 7 days, on any given day stayed in 120 pips range.
After some initial resistance pair managed to breach 0.9738. technicals do not give strong clear indications about further development.
"The broad tone of data should show that the U.S. economy is holding up much better than the rest of the world and that would lend more durable support for the U.S. dollar."- Bank of Singapore (based on Reuters)Pair's OutlookFor now resistance at 0.9662 manages to contain USD/CHF, but the bullish momentum seems to be preserved, therefore the rally is
This week USD/JPY was sidelined, presumably because of bulls' unwillingness to enhance their exposure to the U.S. Dollar, as overhead lies the rising resistance line at 103.47/19.
A battle between the bulls and bears at 1.5240/33 has not yet revealed a victor; however, given that a March-April recovery proved to be unsustainable, the Cable should be inclined to hunt for lower levels, as continuation of the down-trend started at the very beginning of this year.
It looks like 1.2874/46 will be unable to withstand bearish pressure and thus will give in, endangering a more reliable support at 1.2772/45.
NZD/USD rebounded from the demand zone formed by the March low and weekly S1, but bearish pressure was renewed, cutting the price down to 0.8177/61.
"We have Canada's dollar attempting to rally back, though the truth of the matter is, negative data for the U.S. ultimately is negative for Canada."- Bank of Nova Scotia (based on Bloomberg)Pair's OutlookThe currency couple's surge from 1.0095 turned out to be fragile and broke up at 1.0178/68, at a resistance area consisting of the weekly R1 and 55-day SMA.
AUD/USD has come under 0.9861/39 and fell down to 0.9796, but only for a short period, quickly recovering back above the 2011 Dec low, which preserves topicality.
While yesterday the currency pair moved closer to the rising support line at 131.18, today it demonstrates absence of any momentum, trading in a very narrow range.
USD/CHF spiked through several supports yesterday, including the one at 0.9698/95, but the selling has set in as soon as the pair approached the upward-sloping resistance line at 0.9752, forcing the price to retreat back below 0.9662.
Right now USD/JPY is cautiously approaching 103.19/13, because of persisting increased downside risks, as mentioned previously.
The Cable acknowledged 1.5240/33 as a support level yesterday, but today demonstrates willingness to go lower.
Even though EUR/USD was facing a strong support zone at 1.2874/69, it still managed to fetch 1.2843, but returned back above the weekly and monthly S1 levels, meaning that if the decline is not fully stopped, that at least its progress should be delayed.
Seemingly successful attempt of USD/CAD to recover from 1.0039/22 is associated with substantial downside risks, as shown by the daily indicators, nearly all of which are giving ‘sell' signals.
NZD/USD's failure to gain a foothold above 0.8476 has resulted in a precipitous three-figure drop since May 6.
AUD/USD has just touched upon the Dec 2011 low, meaning that the pair is likely to take a break before regathering bearish momentum and extending the dip lower.
At the moment EUR/JPY is re-testing the rising support line that connects minima reached on Apr 3, May 2 and May 7.
For now none of the resistances are able to tame USD/CHF, hectic behaviour of which resulted in violation of various supply zones.
USD/JPY found support yesterday at 101.44, 2009 high, and now is able to carry on advancing towards the upper edge of the upward-sloping corridor it has been trading within since the end of the last year.
A bearish breakout from the channel up revived the sell-off, which has pushed the price already beneath the moving average for 55 days.
As expected, the currency pair was able to approach the weekly and monthly pivot points yesterday. Nevertheless, this recovery turned out to be brittle after the encounter with 1.3047/32, which led to a dip down to 1.2898/69.
After a second consecutive failed attempt to push the pair above 0.83 it has dropped by 90 pips and at the moment seems to be targeting monthly S2.