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.
Pair continued to demonstrate strong bearish bias and dipped below 139 JPY.
Despite a plethora of ‘sell' signals among the technical indicators and the fact that the currency pair has just confirmed 2012 lows as the new resistance, USD/CHF advanced 40 pips and closed above 0.89 yesterday.
Even though the most recent price action has been fairly chaotic, the 38.2% retracement of the November-December rally seems to provide support.
Although the resistance at 1.6688 did in fact stop further recovery of the Sterling, the currency still does not seem to be in a hurry to descend.
As suspected, the support at 1.3732, represented by the weekly PP, did not manage to remain intact.
It seemed that the pair has successfully eroded monthly R1.
Pair is once again showing mild bullish bias.
Pairs bulls lost enthusiasm ahead of 2014 high a few days ago and at the moment the pair is trading below 90 cent gauge.
As expected, the 55-day SMA failed the pair and at the moment it is hovering slightly above weekly S1/2009 high.
USD/CHF has finally created some distance between itself and the 2012 lows at 0.89.
As the 100-day SMA did not succeed at backing up USD/JPY, the support at 102.24/04 had to come into play to prevent further extension of the dip.
Yesterday GBP/USD made an attempt to break the weekly PP, but, as expected, failed to gain a foothold above 1.6688.
EUR/USD remains trapped between the down-trend resistance at 1.3760 and the weekly PP at 1.3730, being unable to breach any of these levels.
After hovering for a few days above it the pair received a bullish impetus from 20, 55 and 100-day SMAs and has advanced above monthly R1.
Pair lost bullish momentum yesterday, but found support with the 20-day SMA today and is hovering slightly above it.
Pair advanced above the 90 cent mark after bouncing off the 20-day SMA, but stalled ahead of 2014 high.
Pair remains biasless while hovering slightly above 140 JPY.
Although for now USD/CHF hesitates to decline, eventually the pair will probably dip down to 0.8730, the long-term falling support line.
USD/JPY's achievement last week, namely a settlement above the 38.2% Fibo and the 100-day SMA, which in turn was supposed to prompt notable increase in demand, did not facilitate further recovery of the currency pair.
Even though right now the Cable is headed towards the weekly pivot point at 1.6688, in the end the rally is expected to prove to be shallow, as the outlook on the pair is bearish.
Despite the proximity to a formidable resistance area represented by the long-term down-trend, EUR/USD still refuses to leave the vicinity of 1.3760 and challenge the monthly R1 at 1.3678.
Pair continues to hover above the cluster of SMAs around 0.8278/56.