Although the resistance at 0.91 is no longer in the way, now it is 2014 high that is forcing USD/CHF to take a step back.
The U.S. Dollar is getting closer to the last quarter's peak, which is reinforced by the monthly R2 level, and it may prove to be difficult to break, even though most monthly indicators are presently bullish.
The rate of British Pound's depreciation relative to the Dollar decelerated ahead of the support at 1.6550.
After three days of losses EUR/USD has finally found support at 1.3250, represented by the monthly S1 and weekly S3.
NZD/USD is trading around the monthly S1 and weekly S2 at 0.8367/62, after reaching this level a day earlier. Most likely, the pair's decline will be stopped, if the Kiwi consolidates around the current trading levels.
The Greenback slipped below the weekly R1 at 1.0961 today, after reaching towards the major level at 1.10. The question, whether the pair is ready to break the 1.10 mark in the near term, remains wide open.
The Australian Dollar plummeted towards the recent low at 0.9240 today; however, the currency bounced back closer to the weekly PP at 0.9299 later today.
The Euro extended its bullish wave that started on 13 of August and since then the EUR/JPY cross has gained more than 100 pips.
The resistance at 0.91 had been finally broken, meaning there are now no obstacles for USD/CHF to touch 0.9156.
Since the July peak is now out of the way, just as the monthly R1, there is only the 2014 Q2 high at 104.12 seen capable of preventing a re-test of 105.44—this year's highest point.
An attempt of the bulls to negate the selling pressure at 1.66 turned out to be fruitless, as all of the intraday gains were eventually negated and the bears remained in control of the market.
Despite toughness of the demand area around 1.33 and ‘buy' signals on the monthly chart, the bears continued to push the price lower.
The Kiwi fell lower once again; however, this time it has dropped below a very significant level—namely the major level at 0.84, this level has not been breached since early March.
The bullish traders finally awaited the Greenback's advance, as yesterday the currency gained around 50 pips against the Canadian counterpart.
The pair dropped below the major level at 0.93, after reaching the 100-day SMA at 0.9341. The yesterday received bearish impetus is not giving up, as the pair has failed to break the weekly PP at 0.9299 today.
The Europe's common currency climbed higher today, after yesterday's bearish ambitions, when the pair slid below the major level at 137.
The rate has just broken the upper boundary of the flag pattern to the upside, meaning the current rally should at least extend up to the 2013 Nov 7 high at 0.9250.
The U.S. Dollar is strengthening across the board, as evidenced by USD/JPY surging above the July high.
After being fairly quiet on Monday the Sterling effortlessly pierced a number of significant supports yesterday, including the May low and monthly S2 at 1.67 and 1.6650 respectively.
EUR/USD, as suggested by the near-term technical indicators, has finally broken 1.3350 to the downside, which allowed it to re-test the 2013 Q4 low at 1.33.
The Kiwi fell lower, after posting losses for already two days in a row. The next support level that could halt the current decline is June low at 0.8403, we do not expect a further retreat from that point onwards for the time being.
The buck approached the weekly PP and 20-day SMA at 1.0911/13 today, after trading below the 1.09 level for couple of days.
The Aussie has been appreciating moderately for a week now and it touched the 100-day SMA at 0.9342 today. We expect the pair to test the 100-day SMA again in the near term, possibly in the next trading session.
For a three straight trading days the Euro traded above the major level at 137; although, it slid below this level today. It seems that the pair's bulls took a break for now, as the daily and weekly technical indicators also point to the south.