While the activity in most of the major currency pairs is currently sluggish, USD/JPY is quickly closing the gap between the spot and the resistance at 105.04/104.92.
Despite a high probability of a decline, the Cable managed to gain a toehold above 1.6348/43, which allowed it to challenge the January high.
The risks are presently heavily skewed to the downside, given that EUR/USD is trading just beneath the tough resistance.
NZD/USD has just eroded the support area at 0.8215/00, which consists of the important in the past highs and lows and the monthly PP.
Being that the up-trend that may be drawn though the valleys charted since the end of October still remains intact, USD/CAD retains a bullish bias in the near-term.
The bullish momentum AUD/USD received at a key support has noticeably weakened in the presence of the monthly S1 at 0.8925.
EUR/JPY continues to respect the accelerated up-trend and is therefore poised for more gains in the future.
Although an attempt to overcome the monthly S1 resulted in a strong sell-off, the decline seems to have been stopped by the support at 0.8936/29.
The pair managed to find sufficient support at 103.74/72 yesterday and it has already closed above the monthly R1.
GBP/USD failed to settle above the resistance at 1.6348/43 yesterday and is thereby looking in the direction of the support at 1.6204/1.6199.
As expected, the resistance at 1.3711/1.3695 is keeping the bulls at bay and is likely to prevent further appreciation of the Euro.
Pair seems to be somewhat range bound, like it was in the end of the last week.
Pair showed initial bullishness, but failed at 1.065 which lead to a dip below 1.06.
Pairs seems to be fully pledged to the recovery as it continues to show bullish signals after the weekend.
Although the pair fails to gain pace, it continues to demonstrate willingness to inch up higher.
Being unable to pierce through the resistance implied by the monthly S1 last week, USD/CHF returned back to 0.8943/29.
USD/JPY has gained a solid foothold above the May high and is therefore set to advance further.
After a 70-pip decline the Cable is attempting to gather strength and challenge the January high once again.
Following a massive sell-off after a test of 1.3784 the currency pair is undergoing a shallow bullish correction that should not extend far beyond the resistance at 1.3711/1.3689.
Pair continues to slowly trail lower after a major sell off a few days ago.
Pair has taken a step back after peaking above the 1.072 few days ago and today.
Pair has reached the lowest level this year a few days ago and seems to be recovering now.
Pair has formed a new yearly high a few days ago and seems no to be relinquishing the bullish attitude.
USD/CHF is currently trying to pass though the resistance implied by the monthly S1 and appears to be likely to succeed.