Unlike the previous two reviewed currency pairs, USD/JPY did not demonstrate any kind of noticeable response to yesterday's events.
Even though the Cable has approached the major support area at 1.5264/40, for now there are no indications that the bearish impetus has been fully negated, calling into question whether there is going to be a change of direction.
Yesterday's dip had little to do with technicals, as the price had been growing for the most part of the day and then slipped on the FOMC minutes.
Increased supply at a major resistance line has knocked down the price, forcing it to approach 0.8358/32, the up-trend for the last nine months.
USD/CAD has been moving at an accelerated pace during the last few days, which allowed it to reach a critical resistance zone at 1.0159/33.
As expected, the most recent surge of AUD/USD proved to be short-lived, failing to breach a combination of two resistances, the 20-day SMA at 1.0353 and weekly R1 at 1.0371.
EUR/JPY has received a little but still a boost from the interim support level of 125.08/124.96, confirming its relevance in determining the price action.
USD/CHF is currently experiencing a serious sell-off, despite the fact that there was some distance until the down-trend line at 0.9304/0.8284, a key resistance, around which it was expected to commence focusing on lower levels.
After the first two days of the week without any activity USD/JPY has revealed its propensity to decline.
Yesterday's dip was unable to violate a falling trend-line at 1.5428, as bulls managed to delay formation of a down leg by initiating a shallow rally this morning.
Being that presently the currency pair is trying to overcome the nearest resistance 1.3408/1.3388, we are more confident that the bearish correction is now over.
Since NZD/USD was unsuccessful at gaining a foothold above a key resistance line, most of the action during at least the second part of the current month is likely to be seen beneath 0.8476.
Surprisingly, resistance at 1.0116/02 was overcome sooner than expected, but the trend is still evolving according to previous estimations.
The bulls have pushed the price up to 1.0336 unhindered. Now the motion north should encounter strong selling pressure.
Even though our view is skewed towards re-emergence of a rally and subsequent erosion of 127.94, the currency pair is presently in a lull, as the whole market, refusing to decisively move in any specific direction.
As in the other major currency pairs, there is no action in USD/CHF as well.
The currency pair failed to keep fast pace of appreciation, showing willingness to close the bearish gap prior to recommencing a recovery.
The price continues to exhibit indecisiveness just above the declining support line at 1.5420.
EUR/USD appears not to be in a hurry to erode the 55-day SMA that guards a key support zone at 1.3274/53.
Even though technical indicators on all three relevant time frames were and still are univocally bullish, the rally did not reach far beyond 0.8476, topping out at 0.8533 and sharply falling subsequently.
For now USD/CAD is static, but is considered to preserve some part of the bullish impetus seen last Friday that should be demonstrated later on, driving the price up to the rising resistance line, namely to 1.0159/40.
Although at first the pace of Aussie's anticipated depreciation remained fast, following an encounter with 1.0371/61, today the pair has already closed the bearish gap, while gaining the bullish momentum.
The rising support line that connects the minima since Nov 14 has once again proved to be topical to the market, sending the price straight upwards after the currency pair had touched upon 123.29/122.99.
Now solely the 55-day SMA at 1.3317 is separating the spot price from a key support area at 1.3274/56.