After yesterday's more than 50 pips decline the Aussie has regained some of its lost value. Today it approached the weekly PP at 0.9279; however, it did not managed to trade there for long as it dropped back to trade around 0.9260.
The Euro extended its advance and at the moment it is challenging the weekly R1 and monthly PP at 139.49/69.
USD/CHF has already erased the losses made last week and it seems ready to advance even further from here.
The U.S. Dollar has finally broken through the ceiling implied by a number of studies, including the most relevant moving averages and the five-month down-trend.
Although the price has already risen back to the recently breached up-trend, which is supposed to be a bearish sign, the currency hesitates to decline.
EUR/USD continues to grind lower, as it proved to be unable to cross the weekly PP at 1.3627 yesterday.
Today the Kiwi extended its decline and at the moment the pair is trading near the recent low (last week's at 0.8452). The New Zealand currency is on a down trend since the beginning of May.
Right at the beginning of the week the pair received a bullish impetus and driven by it the greenback breached the weekly R1 and monthly PP at 1.1080/88.
For Aussie's bears the week has started rather bad as it dropped below the weekly PP at 0.9279 and is trading beneath the semi-major level at 0.9250.
The pair has started the week higher than it closed last week and at the moment it is challenging the major level and 20-day SMA at 139.00/13.
For now USD/CHF is being underpinned by the support at 0.8943/28, mainly created by the 200-day SMA.
USD/JPY is about to break out of the descending triangle it has been forming the past five months.
The currency pair retains a chance to rise in the near term, but a rally beyond 1.3691 presently appears to be highly unlikely
GBP/USD did not manage to continue its Friday's surge, thereby confirming formidability of a new resistance area at 1.6813/76.
This week the pair has slightly declined; although, all in all the pair's value has not changed much. The sentiment towards the pair is also mixed; therefore, we could continuously see a sideway movement.
The pair fluctuated between the weekly PP at 0.8575 and weekly S2 at 0.8451 this week. Now it is trading at the lowest level since early March and it is possible that the Kiwi will slip even lower towards the major level at 0.84.
The Aussie has gained in value through this week and at the moment it is trading around the 20 and 55-day SMAs at 0.9305.
This week the pair dropped from the 139 to around 138; however, now it has slightly reversed this decline. We expect that the monthly S2 at 138.38 will push the currency pair higher towards the next target at 138.81.
Although USD/CHF has managed to pierce through some of the strongest resistance lately, the rate found it difficult to gain ground above the weekly R1.
The currency pair remains unable to break the five-month down-trend resistance line, something that would most likely entail a robust recovery of the U.S. Dollar in the long term.
Being that GBP/USD has just broken out of the bullish channel to the downside and met a strong support level, there is likely to be a pullback up to 1.6784/76.
EUR/USD is currently undergoing a bullish correction as a result of an encounter with the support at 1.3582 represented by the monthly S2 level.
The Kiwi extended its yesterday's decline and is trading around the weekly S2 at 0.8451. We expect a further retreat towards the major level at 0.84 that will be driven by pair's bears.
The Canadian Dollar is still struggling to gain bullish momentum and it trades around the monthly S1 at 1.0859.