Being unable to pierce through the resistance implied by the monthly S1 last week, USD/CHF returned back to 0.8943/29.
USD/JPY has gained a solid foothold above the May high and is therefore set to advance further.
After a 70-pip decline the Cable is attempting to gather strength and challenge the January high once again.
Following a massive sell-off after a test of 1.3784 the currency pair is undergoing a shallow bullish correction that should not extend far beyond the resistance at 1.3711/1.3689.
Pair continues to slowly trail lower after a major sell off a few days ago.
Pair has taken a step back after peaking above the 1.072 few days ago and today.
Pair has reached the lowest level this year a few days ago and seems to be recovering now.
Pair has formed a new yearly high a few days ago and seems no to be relinquishing the bullish attitude.
USD/CHF is currently trying to pass though the resistance implied by the monthly S1 and appears to be likely to succeed.
At first USD/JPY hesitated to rise above a combination of the weekly and monthly R1 levels, but now there are less than 80 pips to go until yet another important milestone, namely the 2008 January low.
Although GBP/USD has recently made a good attempt to settle above the January high, right now the currency pair stays capped by the resistance at 1.6439/1.6390, being unable to move any higher.
EUR/USD continues to move lower while being pushed by the strong selling pressure that emerged after a test of the major down-trend line at 1.3831/00.
Pair seemed range bound for some time, but has branched the lower limit of it yesterday and continue to trail lower today.
Pair received a substantial bullish impetus after peaking above the weekly PP yesterday and is testing 1.07 at the moment.
Pair continued to trail lower and has reached new, 2013, low at 0.8822 yesterday.
Pair is demonstrating bullish intentions and has peaked to a new, 2013, high yesterday.
Being that the currency pair has quickly returned back above the up-trend, the outlook on USD/JPY stays positive, as also indicated by the daily and monthly technical studies.
An assumption that USD/CHF will descend down to 0.8798/97 prior to a robust recovery turned out to be invalid—the rate has already penetrated several resistances and is currently testing 0.8958/44.
After touching the support at 1.6218/1.6189 GBP/USD received a strong upward impetus.
Although EUR/USD remained bullish longer than initially expected, the currency pair has finally fallen through the nearest supports and is set to decline even further.
Since the beginning of the week pair has failed to pick up the pace and seems to be range bound between weekly PP and 20 and 100-day SMA/monthly PP/weekly S1.
Pair seems to have breached the range boundaries in which it was for the past 4 days, but it should advance above the 2011 high to confirm it.
Monthly R1 failed to provide strong enough support for the pair to hold it as aussie-greenback cross continues to trail lower.
Pair seems to be unprepared to advance above the monthly R1 and if it will not manage to show a solid close above this level we expect it to trail lower.