After opening below the 100-day SMA, the pair received bullish impetus from the monthly R1 and at the moment is aiming at 55-day SMA/weekly R1.
Despite a strong downward impetus resulting from a sell-off last week, USD/CHF rose after plummeting down to 0.88.
USD/JPY starts Tuesday on a strong footing.
Although at first it seemed that the Sterling is planning to increase in value, at the end of the day it closed in red.
A recent rally of EUR/USD did not prove to be sustainable, as the pair did not manage to gain a foothold above the round level of 1.38 in order to extend the advancement.
Last week NZD/USD advanced slightly and it was trading just above the 20-day SMA. Today the pair was little changed; however, it has not lost its short-term bullishness.
USD/CAD remains indecisive—the last two weeks it has been fluctuating around the 23.6% Fibonacci retracement of the January rally.
After AUD/USD's failure last week to overcome the resistance represented by the 100-day SMA the price slid down to 0.8912/00.
While before the weekend EUR/JPY did in fact advance as initially expected, being underpinned by the 100-day SMA, this week the instrument opened with a substantial downside gap.
Being that there were no significant levels beneath 0.89, USD/CHF nosedived down to 0.88 last Friday and may still extend the losses, as the key support is only at 0.87.
USD/JPY is getting closer to a cluster of supports located between 101 and 100.
Instead of falling down to 1.65, the upward-sloping support line, following an encounter with the upper edge of the rising wedge pattern, the Cable was able to stabilise near 1.66 and revive the upward momentum.
Regardless of the presence of the multi-year down-trend resistance line, EUR/USD skyrocketed on the last day of February, covering nearly 100 pips.
While the technical indicators are largely mixed, the New Zealand Dollar continues to develop the rally, which has already challenged a tough resistance level at 0.84.
Following a test of the 50% Fibonacci retracement of the January rally, USD/CAD has gained a foothold above the support provided by 23.6% Fibo and the weekly PP.
AUD/USD, despite several attempts, still remains unable to breach the resistance represented by the 100-day SMA.
Although early this week the single European currency came under strong selling pressure, once it reached the 2009 highs at 139 it managed to rehabilitate and climb back above the 100-day SMA, 38.2% Fibo and the monthly pivot point.
As soon as USD/CHF approached the supply area at 0.8923/16 yesterday, created by the falling resistance line, monthly S1 and several other studies, it came under strong selling pressure that forced the pair to surrender all of Wednesday's gains.
Although we were considering 102 to be a reliable support, the price has already dipped down to the weekly S1, thereby delaying an expected recovery even further into the future.
The near-term technical indicators turned out to be correct, as the exchange rate, being unable to breach the monthly R1 after sliding from 1.68, pared some of the losses by moving in the direction of the weekly PP.
For the time being the support at 1.3691/78 resists further decline of EUR/USD, as the Euro was sold off soon after hitting the long-term down-trend line at 1.3760.
After a few sessions trading sideways the pair received a bullish impetus from the 20-day SMA/weekly PP around 83 cent mark and at the moment is aiming at weekly R1.
Pairs bulls have taken a step back before 1.115.
Pair tried to trail lower, but weekly S1/55-day SMA held the initial test.