After piercing the 20 and 55-day SMAs USD/CHF is getting ready to test the weekly and monthly pivot points at 0.8813/11.
As it turns out, the support at 102.20, consisting of the weekly PP and 38.2% Fibonacci retracement of the November-December advancement, should be enough to keep the pair afloat.
"Punchy retail sales could get it up there, but sterling has done well recently and the push towards these highs [$1.6842] will be met by sellers."- FxPro (based on Reuters)Pair's OutlookGBP/USD refused to leave the vicinity of 1.6822/14, being backed up by the nearest supports, such as the weekly PP and 20-day SMA. Therefore there are still considerable risks that
With certain difficulties, but EUR/USD seems to have finally overcome the monthly pivot point.
Today the Kiwi dropped below the monthly PP at 0.8570 and reached the lowest level since fourth of April.
Since the middle of the last week pair's appreciation has gone hand in hand with the 100-day SMA.
AUD/USD has extended its yesterday's decline and it is trading above the weekly S2 at 0.9255.
The pair has been consolidating below the monthly PP at 141.70 and above the 20-day SMA for the seventh day.
As the resistance at 0.8857 proved to be impenetrable, the bias towards USD/CHF is fairly negative.
While the 20 and 55-day SMAs failed to underpin USD/JPY, the support at 102.20 successfully repelled the attack.
Although at first it seemed as if the resistance at 1.6822/14 is about to be breached, later in the day the bears moved GBP/USD away from the Feb high.
EUR/USD is still struggling to decouple from the monthly pivot point, as it is apparently facing tough resistance.
The pair still is stuck between the monthly and weekly PPs (0.8570 and 0.8615).
The greenback appreciated against the loonie today and the pair moved closer to the weekly R1 at 1.1055.
The Aussie has dropped sharply, it lost about 100 pips today and the pair is trading below the weekly S1 at 0.9293, this decline was heavily impacted by the informational shock.
Today EUR/JPY breached the monthly PP at 141.70 and headed towards the major level at 142; however, when the level was reached a decline followed.
Apparently, the bullish impetus USD/CHF received near the monthly S1 two weeks ago was not enough to throw the pair over the one-year down-trend.
The currency pair is currently retreating from the resistance zone consisting of the monthly PP and 100-day SMA.
GBP/USD's foray into the zone above the February high yesterday was not fruitful and the resistance at 1.6822/14 still remains intact.
Although the monthly pivot point has been recently breached, the bearish tendency did not gain traction and EUR/USD returned to 1.3815.
Today NZD/USD currency pair approached the weekly PP at 0.8615 and by doing that it also breached the major level at 0.86.
USD/CAD is little changed and it continuously trades slightly above the 100-day SMA at 1.1006.
The pair is being pushed higher by the 20-day SMA and at the current moment it is trading just above the weekly PP at 0.9359.
EUR/JPY rose slightly and it is still struggling to break the monthly PP at 141.70.