The support at 0.8240/20, formed by the monthly pivot points and the 55-day SMA, appears to have stopped the downward momentum that has persisted since Jan 14.
USD/CAD has recently confirmed 1.10 as the new support and therefore is set to push forward, as implied by most of the near-term indicators.
AUD/USD failed to gain a foothold above the monthly S1 and is currently sliding en route to 0.87, which has already proved to be important for the market.
The down-trend resistance line at 141 stopped advancement of the pair and initiated a sell-off, which seems to be likely to result in a breach of the monthly S1 and the 38.2% retracement of the November-December up-move.
Today there are more ‘buy' signals provided by the technical indicators than yesterday, but the Cable continues to hesitate to advance around the resistance represented by the monthly R1 at 1.6679.
USD/JPY stopped short of touching the 100-day SMA, turned around and subsequently pierced through 102.90/78, thereby exposing the key cluster of resistance at 104.09/103.73.
The U.S. Dollar regains its previous positions in the market, and USD/CHF is no exception.
At the moment EUR/USD is facing the 55-day SMA and the up-trend support line, both of which have proven to be able to influence direction of the currency pair to a large extent.
Pair showed clear bullish bias today, but failed to consolidate above 83 cent mark.
Pair has peaked till the highest level (1.1177) this year today and seems to be willing to push the ceiling further.
Pair continues to inch up higher after bouncing slightly ahead of 0.8650 a few days ago.
Despite a strong bounce form the 2009 high a few days ago, pair failed to gain pace and continues to face high downside risk.
As expected, in view of several significant support levels nearby, the downward pressure alleviated, thereby allowing USD/CHF to turn around.
Even though USD/JPY returned back to the monthly S1 and a substantial part of the technical indicators remain bullish, the pair seems to be lacking upward momentum in order to gain a foothold above 102.90/78.
Although GBP/USD has recently taken a hit, it managed to find support circa 1.65 and commence a recovery.
Yesterday's endeavour of EUR/USD to pierce through the monthly pivot point failed, just as the rally observed last Friday.
Pair's sell off last week broke through the 100-day SMA and at the moment is trying to return above it.
Pair took a step back after failure last week and at the moment is hovering above the major level at 1.10.
Aussie-greenback cross seems to have lost bearish momentum and is taking step back.
Pair found support with the 2009 high after a sell off on Friday and at the moment is struggling with weekly PP.
It took the combined strength of monthly pivot point, long-term down-trend support and the 2012 lows to cancel the downward momentum USD/CHF gained while being in proximity to the 200-day SMA.
Considering than none of the closest supports were capable of nullifying the downward impetus, USD/JPY could potentially descend even lower from here.
GBP/USD appeared to have a strong bullish momentum, but it slipped after a test of the monthly R1 at 1.6679, negating as a result a substantial part of its gains since Jan 17.
EUR/USD managed to settle above the rising trend-line, meaning it is likely continue launching attacks on the nearby resistances, such as the monthly PP at 1.3719.