Although at the very beginning of this week the bears seemed to be winning and were in a good position to throw the rate back some 60-80 pips, in the end USD/CHF did not need to come down to 0.91 in order to receive a bullish impetus.
Without reaching the monthly R1 level at 103.50 USD/JPY proved to be well-supported at the moment and returned to the resistance at 104.
Soon after closing the downside gap GBP/USD turned around and resumed to decline.
The currency pair continues to grind lower and is about to hit the monthly S2 level, the last significant obstacle standing before 1.31.
Today has been one of the few days lately when the pair appreciated instead of weakening, the Kiwi rebounded above the Bollinger Bands at 0.8327.
The U.S. Dollar tested the 1.10 level yesterday; however, it was not able to breach it, afterwards a decline towards the weekly PP at 1.0944 followed.
The Australian Dollar recovered from yesterday's dive beneath the 20-day SMA and weekly PP at 0.9301/0.9294, respectively.
EUR/JPY is trading slightly above the 137 level, after it was reached earlier today. Moreover, the Euro has been on a down-trend since the pair approached the major level at 138 on last Friday (August 22nd).
Although many of the daily and weekly studies were bullish, a rally above 0.9150 turned out to be unsustainable, and USD/CHF is currently falling.
Regardless of the daily and monthly technical indicators mostly pointing upwards, USD/JPY is currently undergoing a downward correction.
The Cable has already closed the downside gap, but even so it continues to move North.
EUR/USD stayed largely unchanged yesterday near 1.32, even though the currency pair opened this week with a large 40-pip downside gap and therefore is likely to close it before testing 1.31.
The New Zealand Dollar dipped below the monthly S1 at 0.8367 today, after the pair declined for a second consecutive week.
After posting gains last week the U.S. Dollar slipped towards the weekly PP at 1.944 today; however, later it managed to recover around the opening level (1.0970).
The pair started the week with an slight advance above the 0.93 level, while last week the Aussie fell as low as 0.9239.
The Europe's shared currency has started the week with a drop below the weekly PP at 137.45, after EUR/JPY approached the 138 level last week.
USD/CHF is forcing its way through the major supply area at 0.9176/56 at the moment.
USD/JPY started this week above last quarter's high, meaning the overall risks are skewed to the upside.
Given a downside gap there could emerge a small bullish correction before the sell-off (since the beginning of July) resumes.
The U.S. Dollar strengthened relative to its counterparts over the weekend.
This week the pair has declined towards June low at 0.8403, after gaining slightly in the week ending August 15th.
USD/CAD strengthened above the 1.09 level this week and now it is trading above the 200-day SMA; although, for now it has not managed to consolidate closer to the 1.10 mark.
The Australian Dollar strengthened its positions above the 0.93 level, as the currency continued to appreciate higher.
This week has been good for the Europe's shared currency, as it successfully gained against the Japanese currency.