USD/CHF, regardless of the initial rebound, in the end disregarded the support at 0.9021/17 and is moving further south at the moment.
Although many of the indicators are currently giving ‘buy' signals and the currency pair has been consistently respecting the bullish support line since Nov 7, now USD/JPY seems to be willing to violate it and thereby invalidate the positive near-term outlook.
GBP/USD continues to hover just below the Jan high at 1.6390, but should be able to overcome this level eventually, considering that most of the daily technical indicators have turned bullish.
Despite a spike down to 1.3528 EUR/USD did not close below the nearest support at 1.3570/65, meaning it is poised for more gains in the future.
Even though were no notable resistances at 0.8257/29, only the 20-day SMA and the weekly R1, NZD/USD failed to sustain the rally and fell back to 0.8203/0.8170.
USD/CAD continues to disregard the technical indicators, which are mixed at the moment, and maintains a bullish bias.
Today the exchange rate plummeted through the weekly S1 and now it is rapidly advancing towards the next weekly support at 0.8977/74, which also is unlikely to hold the currency pair for long.
For the time being the currency pair stays directionless, being unable to gather bullish momentum, which should be provided by the support at 139.03/138.65.
As it turned out the rally started on Monday proved to be unsustainable and was quickly erased yesterday.
Just before touching upon the resistance at 103.74/39 USD/JPY turned around and plunged back to 102.08.
Being supported by the rising trend-line the Cable has launched yet another attack on the Jan high at 1.6390, even though the technical studies stayed largely mixed.
As expected, the support at 1.3529/01 weathered the selling pressure and sent the price back through 1.3570/65.
NZD/USD preserves the tendency to move up following a test of the 200-day SMA and the lows seen in the last quarter of 2012.
Right now USD/CAD is struggling at 1.0666/60, but its rally is highly unlikely to be stopped by this resistance, being that it only consists of the weekly R1 and the Bollinger band.
Neither a yesterday's 40-pip spike through the resistance at 0.9126 nor a today's dip down to 0.9049 were able to help AUD/USD escape the range created by two weekly pivots.
EUR/JPY stopped short of challenging the resistance at 140.67/29 (weekly R1) and returned back to the support represented by the 2009 highs and the weekly pivot point.
Although many of the short-term technical indicators were giving ‘sell' signals, USD/CHF was able to find support at 0.9023/17 and pierce through the resistance at 0.9078/74.
USD/JPY has once again confirmed topicality of the accelerated up-trend line that is guiding the price north by bouncing off the support at 102.08.
The resistance at 1.6390 (Jan high) continues to prevent continuation of a rally in GBP/USD for now, but at the same time does not initiate a strong sell-off to change its direction.
EUR/USD decoupled from the up-trend resistance it traded near last week and slipped through the 55-day SMA at 1.3568/65.
An encounter with the support at 0.8126/05 on Nov 29 caused NZD/USD to open 50 pips above its last open price.
Last week the currency pair faced a formidable resistance area at 1.0609/1.0590 that we expected to withstand the bullish assault.
AUD/USD opened this week with a 20-pip upside gap, but is about to close it already, being that the bullish correction the currency pair started on Friday appears to have come to an end.
The currency pair has just breached the resistance represented by the 2009 highs, but seems to have lost its bullish momentum in the process.