The Canadian Dollar is still struggling to gain bullish momentum and it trades around the monthly S1 at 1.0859.
The Aussie has managed to reverse yesterday's losses and even to approach the major level at 0.93. This jump was rather unexpected and we do expect some bearish corrections.
After significant drop yesterday, when the Euro slipped more than 50 pips. Today the pair touched the major level at 138; however, there it found some bullish impetus that pushed the currency pair higher.
USD/CHF has been staying bullish without any corrections for almost a whole month. Now it is facing the weekly R1, which is also likely to fall victim to the current upward momentum.
The current situation in USD/JPY is reminiscent of the market observed in Q2 and Q3 in 2013, when the currency pair was also forming a triangle.
Even though the support at 1.6782/76 was deemed to be strong and most of the technical indicators were bullish, the Pound took a major hit yesterday.
The selling pressure is likely to somewhat subside, considering that the currency pair is approaching a potentially tough support at 1.3582, consisting of the monthly S2 and weekly S1
The Kiwi plummeted below the monthly and weekly S1 at 0.8500/0.8496 today. The pair is trading at the lowest level since the beginning of March and that could provoke pair's bulls.
After yesterday's dive beneath the monthly S1 at 1.0859 the greenback has managed to regain some value to trade around this level again.
At the moment the Australian currency is on a sideways trend and it seems that traders are waiting for more volatility.
Today the Euro declined below the weekly PP at 138.81 this drop was mostly driven by the strong resistance at the 139 level.
At first there were doubts whether the 200-day SMA will be able to keep USD/CHF afloat.
USD/JPY appears to be hesitant to continue its advancement in view of closeness to a presumably tough resistance at 102.27/19, consisting of the 55 and 100-day SMAs, among others.
Although at first it looked as if the Pound is going to close above the weekly PP, in the end the bears overpowered the bulls and pushed the price back to the 15-month up-trend line
The currency pair proved to be unable to sustain a rally that was started after the weekend, as the Euro turned around and erased Monday's gains once it hit the weekly pivot point.
The Kiwi formed a unsuccessful attack towards the weekly PP at 0.8575. It seems the pair has lost its allure and therefore a decline is expected.
The U.S. Dollar weakened beneath the monthly S1 at 1.0859 for the second time this month already, after last time approaching this level at the beginning of this year.
The Aussie is gaining little by little, today it reached the weekly PP at 0.9271. We suspect the pair to appreciate towards the 20 and 55-day SMAs at 0.9303/11 if the weekly PP is broken.
The pair is trading above the weekly PP at 138.81 and is challenging the major level at 139.
While the beginning of this weeks does not look promising, the 200-day SMA, together with the weekly PP, should act as a support level and prevent further depreciation of the U.S. Dollar.
If the recently broken 200-day SMA proves to be a new reliable support, the currency pair may soon launch an attack on a combination of the 55 and 100-day SMAs near 102.20.
The Cable is currently eroding the supply area at 1.6855/51, a breach of which will pave the way towards a major level at 1.70.
EUR/USD recovered some of the losses yesterday, but the market is nevertheless considered to be bearish.
Last week the pair declined from monthly PP at 0.8622 to 0.8560 and later towards last year's 4Q high at 0.8544.