Even though most of the near-term technical studies remain positive, AUD/USD is still undergoing a bearish consolidation.
EUR/JPY continues its recovery from the 38.2% Fibonacci retracement of the November-December up-move.
At the beginning USD/CHF was declining because of a tough resistance level represented by the monthly PP.
Although initially the bullish momentum of USD/JPY faltered after an encounter with the down-trend resistance line, the upward direction was preserved.
For now the latest up-move did not result in a breach of an important resistance zone at 1.6844/14.
Yesterday's attempt of EUR/USD to decouple from the monthly PP at 1.3815 failed, as the currency pair did not manage to reach the down-trend resistance line at 1.39.
In the last three trading days the pair has been supported by the major level and weekly S1 at 0.8600/0.8593; moreover, after some appreciation yesterday it has returned at this level again.
Yesterday the pair closed above the 100-day SMA and that might indicate on a formation of a bullish trend.
The Australian Dollar is trading around the weekly PP at 0.9366 and it has dived beneath this level today.
It seems the pair has stabilized above the 55-day and 100-day SMA; however, at the same time it is struggling to break the weekly R1 and monthly PP that is just 15 pips higher at 141.70.
As the resistance at 0.8813/12 continues to stand its ground, the current bias towards the greenback is to the downside.
Despite a fairly strong bullish impetus USD/JPY demonstrated yesterday, the resistance at 102.33/19 remains intact.
After an eventless beginning of the week GBP/USD soared 100 pips and it is already testing a cluster of resistances around the recent Feb high.
The latest downward momentum did not prove to be strong enough to push the price beneath the monthly PP.
Yesterday the pair declined sharply by losing around 90 pips and its depreciation was slowed down by the major level at 0.8600 and later stopped by the weekly S1 at 0.8593.
Today the pair struggled to break the 100-day SMA at 1.0987, even though yesterday the currency pair broke this resistance level.
Yesterday the Aussie could not break the monthly R1 at 0.9412 and that resulted in a decline below 0.9350; however, today the pair started slowly and it is trying to breach the weekly PP at 0.9366.
Today we saw the pair breaking the 100-day and 55-day SMA at 141.10/20 and right now it is trading around the 20-day SMA at 141.40.
At the moment EUR/USD is testing the support at 1.3816/15 represented by the monthly and weekly pivot points.
Similarly to EUR/USD, the Cable is also standing motionless above its weekly PP.
Although initially USD/JPY appeared hesitant in the face of the down-trend resistance line, it has nevertheless launched an attack on 102.34/03.
As suspected, the resistance at 0.8813/12, consisting of the weekly and monthly pivot points, managed to negate the bullish momentum of USD/CHF.
The New Zealand Dollar dived beneath the weekly PP at 0.8669 and at the time of writing it is trying to break the 20-day SMA at 0.8633.
Today the pair jumped above the 100-day SMA at 1.0984, after trading below it for approximately six days.