EUR/JPY slipped lower noticeably in a second straight trading session, as the pair dropped from the monthly R3 at 130.87 after the second attempt to breach the level.
USD/CHF pair breaches the 20-day SMA at 0.9344 today, as the price is on an upside trend since the beginning of the last week.
Last week's upside trend was suspended at 99.87, very close to a previous high at 99.96, as the pair turned under bearish pressure.
Recent depreciation of the Cable was stopped by the major support line at 1.5233, where the price spent four days checking the strength of the level.
The major pair remains in a zone between the 200-day SMA at 1.3054 and the monthly R1 level at 1.3043.
After receiving a bullish impetus from 0.84 pair has peaked by 60 pips and tested 20-day SMA, which was enough to push pair back as it lost almost all of its gains.
It seems that pairs bullish momentum, which came in to play last week, is still in force as pair seems to be aiming at 1.0300 area.
Weeks start was bearish, but rather stable.
Pair started the week almost at recent high, but after minor advancement it has fallen by more than 100 pips already.
"Switzerland is in a difficult situation. Our exchange rate policy hasn't been criticized or questioned by other countries in the past days here in Washington."- SNB President (based on Bloomberg)Pair's OutlookIn April the 55-day SMA crossed the 200-day indicator, and now there is an increased possibility of another bullish cross, as the 100-day SMA is closing in on the longer-term
Even though we lack bullish signals provided by the technical studies, especially for the near term, a recent confirmation of the up-trend support line creates a bullish bias towards the currency pair.
It appears that the demand and supply were in perfect equilibrium, as the price did not move away from the recent close level, even though the fact that an important support line at 1.5233 was not breached should have triggered short covering at least up to the nearby resistance at 1.5276/72.
Despite the proximity of supposed demand area, created by a combination of the 200-day SMA with the monthly R1, the currency pair remains largely unchanged, having trouble recovering the lost in the beginning of February bullish momentum.
NZD/USD has already managed to jump beyond the resistance line at 0.8476 today, but it nevertheless seems that the price is inclined to move downwards in the nearest future rather than start posting new highs.
Appetite of investors for the U.S. Dollar has been considerably dampened once the pair approached a notable resistance area at 1.0308/1.0278.
Despite a recent strong drop the bulls continue to oppose further debasement of the Australian Dollar, but at the moment appear to be unable to throw the price over 1.0352/40, which consists of the monthly pivot point and 55-day SMA.
EUR/JPY has already surpassed a number of resistances, including the monthly R2 at 128.44 and weekly pivot point 129.25, but the price still needs to close above these levels to confirm its bullish intentions in the future
Bulls continue to struggle with the 200-day SMA that is not letting the price to appreciate any further than 0.9324.
Today USD/JPY has a high chance of posting a fourth bullish candle in a row, as it continues the surge initiated at the up-trend support line.
Yesterday the Cable has confirmed 1.5273/33 as a support zone, which is formed by the recent highs, lows and several other studies.
EUR/USD is currently held by the support at 1.3046/30, a confluence of the 55 and 200-day SMAs along with the monthly R1.
The currency pair continues to move contrary to the direction shown by the technical indicators. NZD/USD has just violated the up-trend support and at the moment is testing the weekly S1.
After yesterday's rally USD/CAD is again taking a step backwards, though the dip should be limited by a confluence of supports at 1.0219/02.
AUD/USD has closed beneath the support area at 1.0353/40 (monthly PP and 55-day SMA), suggesting that the outlook on the pair is negative.