Despite the strength of the nearest support at 101.00/100.65, the currency pair failed to gain enough bullish momentum after testing it in order to overcome the 100-day SMA.
The Cable respected a tough demand area at 1.6300/1.6273, as it consists of several significant levels.
EUR/USD continues to consolidate after testing a down-trend support line that can be drawn by connecting the most recent troughs.
Pair bounced off the 0.805 and at the moment is testing 82 cent mark.
Pair has taken a step back after a sell off in the past days and at the moment is hovering above 1.1050.
Pair bounced off the weekly PP and at the moment is testing weekly PP/55-day SMA around 89 cent mark.
Pair failed to consolidate around 138 JPY yesterday and dipped below 137 JPY.
Although we were confident that 0.9038/25 will be enough to negate any selling pressure, yesterday USD/CHF effortlessly went through this support.
The U.S. Dollar proved to be still vulnerable to the negative fundamental surprises and gave up even more of its positions.
As expected, due to a lack of support, the Sterling pierced through the 55-day SMA and the weekly S1, reaching a more dense demand area around 1.63, which consists of the 2012 highs, 100-day SMA and the monthly S1.
The currency pair performed a U-turn just before touching 1.3453/43 and surged upwards, thereby confirming importance of the 200-day SMA for the market.
NZD/USD slipped beneath the 200-day SMA, but was stopped by the down-trend support that could be drawn through the peaks observed since Oct 22.
Right now USD/CAD is moving back to the up-trend line it breached on Jan 22.
Even though most of the technical indicators on all three relevant time-frames are in favour of further Aussie's depreciation, AUD/USD is contained by 0.8845/11 from above and by 0.8700/0.8679 from below and therefore has been staying flat for the past two weeks.
Although we were expecting the currency pair to respect the support at 138.51/43 and recoil back to the upper boundary of the bearish channel, EUR/JPY breached this demand area.
Even though on the weekly and monthly time-frames the technical indicators are in favour of a decline, USD/CHF preserves bullish momentum and is likely to advance further.
USD/JPY fails to get traction and leave 102.04 behind, which is the 38.2% Fibonacci retracement of the November-December rally.
EUR/USD goes on with the decline and is about to hit the 200-day SMA, which could potentially decrease willingness of the market to short sell the Euro.
GBP/USD has finally come under the demand area circa 1.65 and is now poised to move even lower, despite the weekly ‘buy' signals.
Depreciation of the New Zealand Dollar revs up, as none of the nearby supports seem to be sufficient to nullify the downward momentum.
Apparently, the weekly R1 will soon fall victim to the USD/CAD's bullish momentum, thereby paving the way towards the weekly R2 at 1.1298.
AUD/USD continues to put substantial pressure on the monthly S1 at 0.8764 and is likely to breach it in the nearest future, as implied by the majority of technical indicators (only MACD and Stochastic are presently bullish).
EUR/JPY has largely neglected the 2009 highs and is currently testing a tough support.
Despite prevalence of ‘sell' signals on the weekly and monthly charts, the support at 0.8945 proved to be a tough level, as it prevented an extension of a dip and managed to restore a bullish momentum.