The support provided by the 200-day SMA and weekly PP proved to be weaker than initially expected, as the upward momentum is not gaining traction.
After an almost non-stop descent from 1.72 GBP/USD has finally formed a noticeable green candle.
Trading was quiet yesterday, as the weekly pivot point kept EUR/USD afloat.
The pair's bulls have managed to halt the down-trend that started at the first part of July and at the moment the pair is trading above the 0.85 mark.
USD/CAD has started the week slowly as the pair is trading above the 200-day SMA at 1.0912.
After last week, when the pair fell beneath the major level at 0.94, it is hovering above the 0.93 mark.
EUR/JPY currency pair is little changed as it trades slightly below the monthly PP at 137.75.
The pair retreated some 30 pips after an impressive bullish run from Jul 15, but managed to stabilise before falling down to 0.90.
USD/JPY took a severe blow from the resistance around 103 at the end of the last week, but the Buck should be underpinned by the demand at 102.49/46 (weekly PP and 200-day SMA).
The Greenback underperformed relative to most of its main counterparts last Friday, but it nonetheless managed to gain more ground against the Sterling
Although the U.S. Dollar weakened because of the Friday's data, none of the significant resistances have been broken, meaning the downward trend is likely persist nonetheless.
The Kiwi remains weak relative to the U.S. Dollar as it continued its down-trend that started on the first part of July.
This week the USD/CAD continued to climb, at the moment it trades more or less steadily above the 1.09 level which was reached for the first time since the beginning of June.
This Aussie underperformed relative to the U.S. counterpart this week and the currency pair is trading slightly above the 0.93 level at the time of writing.
This week the Euro has performed unusually good, especially, with its 90 pips jump on Wednesday and today the pair touched even the major level at 138.
USD/CHF took a break ahead of the weekly R2 and Bollinger band, but there should be no difficulties for the pair to reach the 2014 peak at 0.9156, as suggested by the daily and weekly studies.
It look a little longer than initially expected, but the upward momentum is finally gaining traction.
There is now little hope for the bulls, being that GBP/USD has broken most of its main supports.
EUR/USD continues to grind lower, and it does not seem we are going to observe a pronounced bullish correction before the pair reaches the 2013 Q4 low at 1.33.
Even though for the most of the time the pair is trading below the 0.85 mark it still is supported by the 200-day SMA and weekly S1 0.8492/89.
The U.S. Dollar has appreciated above the 1.09 mark for the first time since early July, proving its current strength.
AUD/USD is hovering around the 0.93 level, it seems that the Aussie's decline is halted by the major level, weekly S2 and monthly S1 at 0.93/0.9291.
At the moment the Euro is challenging the weekly R2 at 137.76, after breaking the monthly S1 at 137.59.
Yesterday's test of the monthly R2 did not result in a rally above 0.91, but there is still a good chance the bulls are going to play the main role.