Considering the U.S. Dollar has been consistently moving north for the past two months, a small correction such as the current dip should not invalidate the bullish outlook despite a breach of the up-trend.
The Cable spiked below the January high and touched upon the support at 1.6336/19, which helped the Sterling to stay buoyant for the time being.
Even though EUR/USD gained an impressive bearish momentum last week, the support area created by the 55 and 100-day SMAs managed to trigger short-squeezing yesterday.
Pair took a step back after a major rally on Friday and seems to be struggling with 83 cent mark today.
No major changes in the pair's behaviour is observed today or expected any time soon.
Pair continues to demonstrate bullishness, but seems to be struggling with major level at 90 cents.
Pair extended it's losses further, but found support at the weekly R1 today and returned above the 142 JPY mark.
Being unable to penetrate the falling trend-line that creates strong demand area around the monthly S1 level, USD/CHF pushed through the 2012 February low and the down-trend resistance line.
USD/JPY is risking to breach the up-trend support line that has been underpinning the latest two-month rally.
Although at first it seemed that 1.6397/90 will be able to stop further depreciation of the British Pound, the price remains strongly bearish.
EUR/USD continues to move farther and farther away from the major down-trend resistance line. At the moment the currency pair is eroding a combination of the 55 and 100-day simple moving averages.
It seems that the pair's dip to 0.815 and following recovery has given a strong bullish impetus which pushed the pair through 82 cent mark.
Pair seems to be consolidating around 1.06 after peaking to a new, year 2013, high a few weeks ago.
Pair extended the recovery after receiving a bullish impetus from the 2013 low yesterday and is testing 90 cent mark today.
Pair extended it's losses further after failure around 145 JPY yesterday.
While the resistance at 0.8945/29 gave up in an instant, the down-trend line in conjunction with the February high and the 55-day SMA keeps the bulls at bay for the time being.
Despite a plethora of signals speaking in favour of a rally, namely confirmation of 104.92/81 and bullish technical studies, USD/JPY returned back to the up-trend.
Just like in many other U.S. Dollar crosses, the buck noticeably outperformed its counterpart here as well.
Previous day was marked with a precipitous drop—the exchange rate fell more than 100 pips.
Pair dipped till 81.5 cents, peaking slightly above 0.8225, but soon recovered and is hovering slightly above 82 cent mark.
Pair seemed to have stabilized after a brutal sell off before the new years eve, but received additional bearish impetus from the weekly PP today and has dipped below the 1.06 mark.
Quite a few times in the past weeks the pair tried to push through 2013 low, but unsuccessfully.
Pairs bulls took a step back after pushing it to the highest level in 2013 a few days back which gave the room to the bears to sell it off.
USD/CHF returned back to the February 2012 low after a sharp decline, but appears to be unable to continue the up-move beyond the resistance at 0.8945/20.