For now the trading this month is limited to the 117-118 price range, as neither bulls nor bears appear to have enough power to start a new trend.
As it turned out, GBP/USD did not stop at the one-month down-trend at 1.5180 as expected but continued to advance north.
On Wednesday, EUR/USD used to be one of major underperformers on the foreign exchange.
The EUR/JPY pair found the previous day close level at 135.00 hard to surpass and the market bears dominated today.
The US Dollar depreciated significantly versus the Australian counterpart after the brave hike to the weekly PP level at 0.783.
The USD/CAD pair jumped from the monthly PP at 1.237, gaining about 176 pips throughout the day.
The NZD/USD formed nothing but the doji candle pattern today, which means that the market is generally undefined with where to direct the pair.
Despite a failure to violate the support line represented by weekly PP at $1,278 for the first time, Gold managed to do so with the second attempt on Tuesday.
USD/JPY recovered from the weekly S1 at 116.94, but the bullish momentum appears to be insufficient to push the price through the resistance at 118.
Because of an upside surprise in fundamentals GBP/USD violated the accelerated down-trend before reaching the lower boundary of a bearish channel it has been forming since the beginning of the year.
On Tuesday the EUR/USD cross climbed notably during trading as it gained more than 100 pips over the day.
The USD/CAD followed the previous day sentiment and slid below the weekly S1 at 1.247.
The NZD/USD surprised the market today by diving to the new low in four years.
The AUD/USD crushed the 2007 year low support level at 0.769.
The EUR/JPY shot to the north on Tuesday, rebounding from the weekly PP at 132.41 and reaching the weekly R1 at 134.67 throughout the day.
On February 2, the yellow metal tried to penetrate the closest support line represented by the weekly pivot point at $1,278.
Although the weekly S1 at 117 succeeded at preventing a decline in USD/JPY for a second time in a row, the short-term risks are to the downside.
GBP/USD has established a new accelerated down-trend, which has been guiding the pair south since Jan 28, and it is likely to stay intact until the price falls down to the falling support line at 1.4930/20.
It seems that currently the EUR/USD cross lacks impetus in order to develop in either direction.
The USD/CAD pair failed to continue the consecutive half- year appreciation and the month of February started with a noticeable slump.
The AUD/USD traded in a tight range between the Bollinger band at 0.77 and the weekly PP at 0.78.
The EUR/JPY slid lower on Monday, however, the market bulls were strong enough to push eventually the pair higher.
The NZD/USD moved higher after the Fridays' uncertain move of the pair.
On Friday, Gold has fully erased all considerable losses that occurred one day before.