As expected the pair has received impetus from major 140 level and yesterday it already breached 141 level.
Just as many other resistances, the monthly pivot point also failed to stop the Euro from going higher.
The Cable may have gained a strong bullish momentum, but there are still tough resistances standing in its way.
While yesterday it appeared as if the bulls have finally taken control of USD/JPY, the current price action proves this theory to be false.
The bearish tendency of USD/CHF does not seem to be anyhow affected by the supports it violated during the past three days.
For the second straight day USD/CAD is attacking monthly S1 at 1.0912; although, it has not been able to break this level.
NZD/USD has prolonged its yesterday's rally and has set a new high this year at 0.8704, which is also the highest level in more than a three years.
The Aussie has continued to appreciate against the greenback with the momentum gained yesterday and it looks like it has stabilised above 0.93.
On Wednesday the pair depreciated and almost touched the 140 level; however, it did bounce back to trade around weekly S1 at 140.78.
After the resistance at 0.8929/22 triggered a massive sell-off, USD/CHF has already broken a series of important levels, including the 55-day SMA.
Stabilisation of USD/JPY near 102.72/66, as was expected yesterday, did not turn out to be the case.
None of the nearby resistances proved to be strong enough to prevent GBP/USD from soaring yesterday.
The 55-day SMA failed to contain bullishness of the common currency yesterday.
NZD/USD has strengthened significantly today as it received some impetus from weekly PP and major level at 0.8600.
USD/CAD has retreated below 100-day SMA for the first time since October and today's drop stopped near monthly S1 and February's low around 1.0910.
After trading between 0.92 and 0.93 for 10 days the pair finally has broken out of this range as it appreciated above 0.93 and even broke the weekly R1 at 0.9328.
If yesterday we started to see some bullish signs from the EUR/JPY then today it offers a completely different outlook.
A resistance zone at 0.8940/23, mainly formed by the monthly R1 and 100-day SMA, proved to be tough yesterday by throwing USD/CHF beneath the 2012 lows at 0.89.
It seems that the 100-day SMA will be insufficient to stop the U.S. Dollar from falling lower.
Although there were still some 40 pips between the price and the nearest significant support, GBP/USD took a U-turn and returned to the monthly pivot point.
As it turned out, EUR/USD did not carry on with the decline. Instead, it bounced off the 100-day SMA despite the bearish daily technicals and recovered back to the 55-day SMA.
Last week we saw the pair making some corrections; however, on Friday NZD/USD found some impetus around 2013 4Q high at 0.8543 and it has advanced to weekly PP at 0.8608.
Since 20th of March we have seen a short term downtrend in this pair; however, we expect it to end soon, most likely the pair should not slip lower than 1.0900.
Through last week the pair traded between 0.92 and 0.93, today this sideways trend is continuing.