Just as in many other currency pairs, the U.S. Dollar is weakening here as well.
The currency pair failed to topple a combination of the 100 and 200-day SMAs yesterday and returned back to the up-trend at 101.86.
Although at first the Cable appeared to be intimidated by the resistance at 1.70, it continues to trade right next to the 2009 highs, meaning the pair is unwilling to retreat.
Instead of extending the dip down to 1.3513/1.3475, EUR/USD closed above the resistance formed by the weekly PP and 20-day SMA.
Despite the substantial momentum demonstrated last week, the pair did not manage to pierce the 87 cent mark.
Pair continues to be somewhat range bound around 200-day SMA—between 20-day SMA and 1.0830.
After failure at the weekly PP the pair has plummeted by more than 50 pips, but at the moment is hovering slightly above the 20-day SMA.
Euro continues to gain against the yen and at the moment is eroding weekly PP.
The currency pair found support in the face of the weekly pivot point and 20-day SMA at 0.8977/72, meaning USD/CHF could soon approach the monthly R1 once again.
USD/JPY is once again trying to restart a rally that has been failing to emerge for the past two quarters.
GBP/USD did refresh the 2009 highs yesterday, but its prospects are dim, since the pair appears to be indecisive in the presence of 1.70.
The Euro started this weak fairly energetic, but the weekly PP coupled with the 20-day SMA turned out to be enough to prevent the pair from realising its ambitions.
The New Zealand Dollar is starting to slide, after its last week's significant advance.
After last week's climb the Aussie has lost its bullish momentum and at the moment it is challenging the weekly S1 at 0.9337.
The greenback is still struggling to regain its bullishness against the Loonie, it is trading around 200-day SMA at 1.0864 already for five straight days.
The Euro is continuing to climb towards the weekly PP at 138.61; however, the bullish momentum is rather mild.
While the major 18-month rising trend-line continues to prove to be resilient by underpinning USD/JPY, its strength may soon be exhausted, as the currency pair remains unable to finally take off.
Even though the majority of the technical indicators are pointing upwards, the Cable seems to be lacking momentum in order to break a wall at 1.70.
USD/CHF may not be moving as fast as during the first half of May at the moment, but the risks are still skewed to the upside, being that the 200-day SMA acts as the support.
EUR/USD rallied yesterday, but appears to be too weak to sustain a prolonged recovery.
The Kiwi was the best performing currency among G10 countries last week; therefore, its appreciation against the greenback is logical.
It seems that the downtrend in USD/CAD has stalled as the 200-day SMA was reached last Thursday.
After Aussie's nine straight day advance that ended last Friday the pair has depreciated slightly and currently the pair is trading around the weekly PP at 0.9387.
Last week we saw a significant drop in EUR/JPY currency pair; moreover, the Euro fell to the lowest level against the Yen in four months at 137.71 today.