Previous week the pair was trading around 1.1100 and did not make any major moves – nor upwards, nor downwards. USD/CAD has dipped slightly today as it broke monthly PP and almost approached weekly S1 at 1.1041.
Pair started the week and 90 cent mark, but climbed higher and at the moment is aiming at 91 cent level after failing at it last week.
Pair bounced off the 55-day SMA on Friday after a major sell off last week and continued to climb up higher today after opening at 141 JPY yesterday.
The major support at 0.8700/0.8680, consisting of the monthly S1 and the down-trend support line, is supposed to prevent further extension of the decline and initiate a recovery.
USD/JPY stopped short of dipping down to 101 and made a U-turn, meaning it is now likely to test the monthly PP at 101.77.
Despite a strong sell-off seen a week ago, for the time being the support near 1.66 proves to be sufficient to keep the Sterling afloat.
EUR/USD remains capped by the supply at 1.3923/03, which is mainly created by the monthly R1 level.
After kiwi's impressive advance against the U.S. Dollar during the last two trading days it has started to make a correction and is currently trading around weekly R1 and 2013 4Q high (0.8548/43).
The pair has consolidated around 1.1100 level, after yesterday's slight decline, when it fell below this major level.
Pair extended it's gains till 91 cent mark, but failed to advance above it and dipped till 90 cent mark today.
Pair failed around 143 JPY yesterday and plummeted till 140 JPY today. That's were the top of Ichimoku cloud is located.
USD/CHF has finally tested the support around 0.87, which appears to be capable of stopping the decline seen since May of 2013 and capable of laying foundation for the bullish market.
Though we did expect USD/JPY to cover the distance between the monthly R1 and monthly PP with no real effort, at the same time we also considered the support at 102 to be tougher.
Originally, the Sterling did receive a strong upward impetus after touching upon the support at 1.66.
EUR/USD did not manage to pass through the supply zone formed by the weekly and monthly R1 levels and retreated to the weekly pivot point at 1.3833.
In the end of the last trading day and today we have seen the pair advancing significantly and it continues to trade above this year's previous high (0.8522).
As the 1.1100 has been broken today the pair fell further and reached monthly PP at 1.1053.
It seems the pair received a substantial bullish impetus from the 0.8925/415 area yesterday and skyrocketed till monthly R1 today.
As anticipated pair found support with the monthly R1 after a dip yesterday and remains at the vicinity of 143 JPY.
USD/CHF continues to cede ground. The currency pair has already fallen down to the weekly S1 and may still take a few steps downstairs.
Although at first it appeared that USD/JPY will find support at 102.78/71, right now it is on the verge of violating this important demand zone.
While being underpinned by a strong support area around 1.66 (monthly PP, up-trend 55-day SMA), the Cable seems to be inclined to rise.
At it turned out, EUR/USD was not required to come back to a cluster of supports at 1.38 in order to resume the rally.
So far, this week we have seen relatively less action in NZD/USD compared to previous week, when we saw it strengthening.