After the resistance at 0.8929/22 triggered a massive sell-off, USD/CHF has already broken a series of important levels, including the 55-day SMA.
Stabilisation of USD/JPY near 102.72/66, as was expected yesterday, did not turn out to be the case.
None of the nearby resistances proved to be strong enough to prevent GBP/USD from soaring yesterday.
The 55-day SMA failed to contain bullishness of the common currency yesterday.
NZD/USD has strengthened significantly today as it received some impetus from weekly PP and major level at 0.8600.
USD/CAD has retreated below 100-day SMA for the first time since October and today's drop stopped near monthly S1 and February's low around 1.0910.
After trading between 0.92 and 0.93 for 10 days the pair finally has broken out of this range as it appreciated above 0.93 and even broke the weekly R1 at 0.9328.
If yesterday we started to see some bullish signs from the EUR/JPY then today it offers a completely different outlook.
A resistance zone at 0.8940/23, mainly formed by the monthly R1 and 100-day SMA, proved to be tough yesterday by throwing USD/CHF beneath the 2012 lows at 0.89.
It seems that the 100-day SMA will be insufficient to stop the U.S. Dollar from falling lower.
Although there were still some 40 pips between the price and the nearest significant support, GBP/USD took a U-turn and returned to the monthly pivot point.
As it turned out, EUR/USD did not carry on with the decline. Instead, it bounced off the 100-day SMA despite the bearish daily technicals and recovered back to the 55-day SMA.
Last week we saw the pair making some corrections; however, on Friday NZD/USD found some impetus around 2013 4Q high at 0.8543 and it has advanced to weekly PP at 0.8608.
Since 20th of March we have seen a short term downtrend in this pair; however, we expect it to end soon, most likely the pair should not slip lower than 1.0900.
Through last week the pair traded between 0.92 and 0.93, today this sideways trend is continuing.
After Friday's drop below monthly PP at 141.70 the pair has slightly appreciated; however, it is still trading below monthly PP.
After USD/CHF had broken the resistance near 0.89 (down-trend line and 2012 lows), the pair seems to have lost its bullish momentum.
Despite a fairly strong report on Friday the bulls did not manage to push USD/JPY through 104.
GBP/USD fell below a series of supports during the last five trading days, including the monthly PP and 55-day SMA.
As EUR/USD closed beneath the 100-day SMA last week, there is a good chance Euro's depreciation will persist.
After last week's advance the pair lost basically all of its gains through first four days of this week; however, today NZD/USD pair has appreciated above monthly PP at 0.8570.
The pair is in the down trend and today it breached 1.1000 level, which held the pair from falling lower this week.
Through the end of the last week and through this week there has formed a sideways trend in the AUD/USD currency pair.
This week we saw EUR/JPY appreciating; however, today it has lost some of its previous gains and it fell to as low as 142.