Although the longer-term technical indicators are mostly giving ‘buy' signals, USD/JPY continues to gravitate towards 104.09/00, consisting of the monthly PP and the 2013 highs.
Being that GBP/USD failed to breach the support at 1.6319/00 last week, the price soared up to the monthly PP at 1.6449, which is likely to stay intact.
Not only did the single European currency breach the key support at 1.3610, but it also closed beneath the monthly S1, thereby reaffirming its long-term bearish intentions.
Pair failed tom consolidate around 83 cent as today's failure at the weekly R1 has provoked a major sell off.
Pair is not losing it's bullishness, but 1.10 is not willing to give up easily either.
Pair has reached new relative low after dipping below the 2013 low around 88 cent mark.
Pair continues to trails lower and, as short term technicals suggest, we are likely to see a continuation of the trend.
USD/CHF fell down to the 100-day after a test of 0.9096/91, and now we would expect the exchange rate to resume the recovery, even though the weekly signals are still not reassuring at the moment.
The market has just confirmed 104.36/00 as the new support and there are now even more ‘buy' signals on the weekly time-frame than yesterday, meaning the U.S. Dollar is set to appreciate further.
Even though some of the technicals on the weekly chart remain bullish, the Sterling has already breached the up-trend support line and is now about to challenge 1.6319/1.6269.
EUR/USD is once again attempting to break the rising support line to the downside, but seems to be unable to do that for now, being that 1.3610/1.3584 is reinforced by the weekly S1 and the 100-day SMA.
A failure to gain solid ground above the weekly R2 may now lead to a test of the support at 0.8275/74, created by the weekly PP and the 100-day SMA.
Yesterday USD/CAD touched upon the formidable resistance area at 1.10, consisting of the 2009 September high and the 17-month up-trend.
Although the Aussie has been recently showing bullish signs and willingness to rise, the possible recovery was not supported from a fundamental perspective, forcing the currency to nurture broad losses.
EUR/JPY stalled after rallying from the 55-day SMA and hitting the monthly pivot point afterwards, meaning the bearish correction of the up-move started in November may drag on.
As expected, the support, created by the weekly PP and the 55-day SMA, proved to be unable to withstand the selling pressure, and the currency pair tripped to the long-term up-trend line.
The Cable is at the moment eroding a key support, which may entail a massive sell-off.
Given that the 2013 highs and the monthly PP are now not impeding USDJPY's advancement, the price is poised to mount the weekly R1.
Yesterday USD/CHF pierced through a number of levels and reached an important resistance, namely 0.9096/91.
Pair failed to advance above September high/monthly R2/weekly R3 at 0.8436/55 and at the moment is trading almost 100 pips below it after finding support around 0.835.
Pair extended it's gains today, but failed to breach 1.10 and at the moment is trading approximately 50 pips below it.
Pair extended it's losses after failing at 0.9045 and at the moment is hovering slightly above 0.89. We expect it to trail further, maybe after a short delay at the current level.
After a massive sell off few days ago the pair found support at 140.59/27, bounced back and at the moment is consolidating around 142 JPY.
As it turned out, the support at 0.8974, created by the weekly S1 and the falling down-trend line, was enough to prevent extension of the recent bearish correction.