Being that USD/JPY has not yet closed beneath the rising support line, we should not rule out a possibility of an up-move, which will pierce through the resistance at 103.83/74.
Yesterday's attempt of GBP/USD to rise beyond 1.6343/36 turned out to be unsuccessful, but the currency pair still appears to be willing to move north, en route to the 2011 high at 1.6745/35.
Tapering in "March is unlikely. It comes down to December or January. It really is just waiting for Wednesday."- BMO Capital Markets (based on MarketWatch)Pair's OutlookDespite a recent test of the major falling resistance line, which should have entailed a massive sell-off, EUR/USD remains well-underpinned by the supports at 1.3747 and 1.3711/1.3664. Moreover, most of the daily technical indicators are
Pair ended last week and started this week demonstrating mild bullishness, at the moment is aiming at 55-day SMA, but it is to early to say if it will remain range bound between 0.823 and 0.833 as it was last week.
Pair failed to advance above the 2011 high at 1.065 and at the moment is trading just slightly above the August high at 1.0569.
It seems that the pair has stabilized for the time being as it continue to hover above the 89 cent mark.
Pair started the week passively and at the moment is hovering below the monthly R1.
As suggested by the daily technical studies, USD/CHF is currently trying to push trough 0.8892/90, which, in case of a breach, will pave the way towards 0.8813/0.8797.
There is a substantial risk USD/JPY will be unable to stay bullish in the face of the resistance represented by the May high at 103.74.
GBP/USD turned around short of the tough cluster of supports at 1.6219/1.6196 and now appears to be ready to challenge 1.6343/32.
Once the currency pair stepped down to the support at 1.3711/1.3684, most of the technical indicators on the daily charts turned bullish.
Last three days are indicating that the pair is most likely range bound.
Pair seems to be struggling with the 2011 high after a bounce form the August high yesterday.
Pair continued to depreciate, but seems to have found support at 89 cents.
Pair is continuing to demonstrate the propensity to advance above the 142 JPY, but wasn't able to do so whole last week.
USD/CHF is currently undergoing a bullish correction, which should terminate either at the monthly S2 level or at 0.8930 (Feb 2012 low).
USD/JPY has finally arrived at the May high, but now it may be difficult for the price to cross the supply area between the monthly R1 at 104.12 and 103.74.
January high at 1.6390 proved to be an unreliable support level and allowed the dip to reach the 20-day SMA, which is deemed to be insufficiently strong in order to fully stop the sell-off.
Being that yesterday the currency pair failed to pass through the key resistance at 1.3777, some of the weekly technical indicators turned bearish, meaning that a possibility of a rally is currently decreasing.
For the second day in a row the pair is trading between the 0.8329 and 0.8220.
Bounce from the 20-day SMA was short lived as the pair dipped once again.
Pair seems to have gained momentum as it continues to depreciate and at the moment is testing weekly R2.
Pair took a step back ahead of the monthly and weekly R1, but does not seems to be giving up yet.
Although USD/CHF seems to be well-supported by 0.8851/33 right now, the risks are deemed to be heavily skewed to the downside.